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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Fit-outs and deposits for new centres
Funding the capital expenditure to build out the company's planned new workspace centres, together with the security deposits payable on those leases.
Repayment of borrowings
Repaying or prepaying part of the company's outstanding debt, including the redemption of non-convertible debentures.
General corporate purposes
Ordinary corporate requirements, applied at the board's discretion.
(₹ in Crore)
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Dev Accelerator Limited, which trades under the brand name DevX, provides flexible office space to businesses. Set up in 2017 and based in Ahmedabad, it takes commercial property on lease, fits it out and then offers it to corporate occupiers as managed offices and coworking space. Alongside the space itself it handles design, build-out and the technology and facilities layer, so a client can take a finished, staffed workspace rather than assemble one. A subsidiary, Neddle and Thread Designs LLP, carries the design and execution work. By the end of May 2025 the company ran 28 centres across 11 Indian cities, holding roughly 860,000 square feet under management and about 14,144 seats, serving more than 250 clients. Its footprint covers the large metros, including Delhi NCR, Mumbai, Pune, Hyderabad and Ahmedabad, but its distinguishing position is in the smaller Tier 2 markets, where it is among the largest flexible workspace operators by operational stock. It had also signed letters of intent for three further centres, one of them its first outside India, in Sydney, plus leased space for a new centre in Surat. The economics are those of a leasing business rather than an asset owner: the company does not own the buildings it operates from, so it carries lease obligations and fit-out capital expenditure while earning a spread on the space it re-lets. That model, plus rapid centre additions, has driven revenue from about 71 crore rupees in the year to March 2023 to roughly 179 crore rupees in the year to March 2025. Profitability has only recently turned, with a loss in FY23 giving way to a small profit in FY24 and FY25, and the balance sheet carries meaningful borrowings against a comparatively thin net worth.
Ahead of the issue the company placed 1,03,52,925 shares with 11 anchor investors at 61 rupees per share, the top of the band, raising about 63.15 crore rupees on 9 September 2025. That allocation accounted for 60 percent of the institutional portion. Participants included Universal Sompo General Insurance, Abans Finance, Finavenue Capital Trust, Sunrise Investment Opportunities Fund, Meru Investment Fund and Shine Star Build Cap.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 5:50 PM
Lead position in smaller cities
The company is among the largest flexible workspace operators by operational stock in India's Tier 2 markets. Those cities are less crowded with national competitors than the big metros.
One provider for the whole workspace
It sources the property, designs and builds the fit-out, and then runs the space and its technology. A client deals with a single counterparty instead of stitching together a landlord, a contractor and a facilities vendor.
Growing footprint and occupancy
Centre count, seats and area under management have expanded steadily while occupancy has held up. Revenue has risen sharply across the three reported years.
Founder and management experience
The promoters and senior team have operated in the flexible workspace business since the company's founding in 2017. That tenure covers a full cycle in a young industry.
It owns none of its centres
Every location is leased. If a landlord terminates or declines to renew, the company must shut the centre and relocate its clients, and it absorbs the cost of doing so along with the sunk fit-out.
Revenue leans on a few clients
The ten largest clients account for close to two fifths of revenue and the top twenty for more than half. Losing any large occupier at renewal would be felt immediately.
Thin profitability against heavy debt
The company only recently turned profitable, and margins remain around one percent while borrowings run well above net worth. There is little cushion if occupancy or pricing slips.
Dev Accelerator Limited
C-01, The First Commercial Complex, behind Keshavbaug Party Plot, Vastrapur, Ahmedabad, Gujarat 380015, India
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Related parties and competing interests
The company has a history of transactions with related parties, and a senior executive has interests in other businesses in the same sector. Both create scope for conflicts of interest.
Reliance on outside vendors
Housekeeping, security and similar services at the centres are contracted out. Service quality that clients experience as the company's own is delivered by third parties it does not control.