DevX Secures ₹110 Crore Deal with Manubhai and Shah LLP
Filing Summary
Dev Accelerator Limited has entered into a ₹110 crore agreement with Manubhai and Shah LLP for a 9-year managed workspace contract. The deal involves approximately 1,00,000 sq. ft. at DevX’s Capital One campus in Ahmedabad, accommodating 2,000 seats. This transaction highlights the growing demand for managed office solutions in Tier-II cities. The campus will host a diverse range of enterprises, including IT, healthcare, and other sectors. DevX operates 28 centers across India, providing customizable work environments for enterprises and startups.
Dev Accelerator Limited has signed a ₹110 crore agreement with Manubhai and Shah LLP for a managed workspace contract. The 9-year deal covers approximately 1,00,000 sq. ft. at DevX’s Capital One campus in Ahmedabad. This transaction is one of the largest enterprise-led flexible workspace deals in a Tier-II city, providing long-term revenue visibility for DevX.
The financial terms of the agreement include a commitment of ₹110 crore over the 9-year period. The contract involves the relocation of Manubhai and Shah LLP’s Ahmedabad headquarters to the managed campus. The facility will accommodate a total of 2,000 seats, with over 1,000 seats committed in the first phase. This deal reflects the increasing institutional adoption of managed office solutions among large enterprises.
The scope of the agreement includes the provision of a premium managed workspace at the Capital One campus. The campus offers a range of amenities such as a managed cafeteria, coffee lounge, breakout zones, wellness facilities, gym, crèche, and collaborative event spaces. These facilities are designed to create an integrated workplace ecosystem that supports enterprise occupiers.
The market context indicates a growing demand for integrated, enterprise-grade workspaces in emerging business hubs. The campus has attracted a diverse mix of enterprise occupiers across sectors, including IT and digital, healthcare and life sciences, and others. Notable tenants include Openxcell Technolabs Private Limited, Tatvic Digital Analytics Private Limited, Aqkode, Advanced Clinical India Private Limited, Patel Greentech, Walter P Moore, and Ignosi System Private Limited.
The timeline for the implementation of the contract spans 9 years, with the first phase involving over 1,000 seats. The agreement signifies a strategic shift towards managed workspaces in Tier-II cities like Ahmedabad. DevX has partnered with Manubhai and Shah LLP across multiple cities over the past five years, reinforcing their long-standing partnership.
Manubhai and Shah LLP is a professional services firm with a focus on providing comprehensive solutions to its clients. The firm has a history of collaborating with DevX for its workspace needs, reflecting its strategic move towards flexible and scalable office solutions.
Dev Accelerator Limited is a managed workspace platform that designs, builds, and operates custom offices. The company serves enterprises, startups, and global corporations with collaborative, customizable work environments across India. DevX operates 28 centers with over 14,000 seats and 8.6 lakh sq. ft. under management, focusing on providing flexible and reliable workspace solutions.