Dev Accelerator Limited Board Approves ₹35 Crore Fundraise for Major Ahmedabad Expansion

Ahmedabad, March 25, 2026:

Dev Accelerator Limited announced on March 24, 2026, that its Board of Directors has officially approved a fundraise of up to ₹35 crore. The capital infusion, structured through the preferential issuance of convertible warrants and equity shares, is intended to significantly scale the company’s flexible workspace footprint in Ahmedabad. The move remains subject to necessary shareholder approvals and standard regulatory compliance, the company said in a press statement.

The funding round features strong internal backing, with the company’s promoters participating through a capital infusion of up to ₹15 crore via convertible warrants. The remaining balance of up to ₹20 crore is set to be subscribed by a non-promoter investor through equity shares. This balanced investment structure underscores both internal confidence in the company’s trajectory and external interest from the broader investment community.

The proceeds from this specific fundraise are earmarked exclusively for the payment of an interest-free refundable security deposit of ₹35.10 crore. This deposit will secure a massive managed workspace in Ahmedabad, following a Letter of Intent (LOI) for approximately 450,000 sq. ft. of space. The upcoming facility is located in a proposed new development named “Winston” on the Bopal-Ambli Road and will be operated under DevX’s “StraightLease” model.

Umesh Uttamchandani, Managing Director of Dev Accelerator Limited, highlighted the strategic importance of the city in the company’s broader growth plans. “Ahmedabad has always been a priority market for us and the Winston centre at 4,50,000 sq. ft. is a significant step in that direction. The city is witnessing strong demand from enterprises and corporates for high-quality managed workspaces and we see a compelling opportunity here,” Uttamchandani stated.

The Managing Director further explained the rationale behind the promoter participation in this round, noting the long-term vision for the brand. “As promoters, we have chosen to directly participate in this fundraise because we have strong conviction in DevX’s business model and the growth trajectory ahead. This capital will allow us to move swiftly on securing this centre and strengthen our presence in one of India’s most dynamic markets. We remain committed to building DevX into a trusted flexible workspace brand across India and to creating long-term value for all our shareholders,” Uttamchandani added.

Latest News