Dev Accelerator Limited

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Financial Services / Investment · NSE / BSE

Dev Accelerator Limited (DevX), established in 2017, is engaged in providing flexible office space solutions and operates through its subsidiary, Neddle and Thread Designs LLP, which offers design and execution services. The company’s business model is centered on flexibility and adaptability to modern workplace needs, offering coworking spaces, managed offices, and customizable desks and suites. Its primary clients include large corporations, multinational companies (MNCs), and small to medium enterprises (SMEs), supported by features such as flexible lease options and solutions aligned with remote work trends. As of August 31, 2024, DevX has built a strong operational presence with 25 centers across 11 cities, including Delhi-NCR, Hyderabad, Mumbai, and Pune, with a total seating capacity of 12,691 and a managed area of 806,635 square feet, catering to over 230 clients. The company is expanding aggressively, with three new centers signed under letters of intent, including its first international location in Sydney, Australia, and a new domestic market in Surat, India. This pipeline adds 11,500 new seats and 897,341 square feet of space. The net proceeds from the Dev Accelerator IPO are planned to be utilized for funding fit-outs and security deposits for new centers amounting to ₹73.11 crore, repayment of borrowings and redemption of NCDs worth ₹35 crore, along with general corporate purposes.