DevX Locks in ₹110 Crore Enterprise Deal

Dev Accelerator Limited (DevX) has signed a landmark agreement with Manubhai and Shah LLP, marking one of the largest enterprise-led flexible workspace transactions in a Tier-II city. The 9-year contract, spanning approximately 1,00,000 sq. ft., establishes strong long-term revenue visibility for DevX while reinforcing the growing institutional adoption of managed office solutions among large enterprises.

Manubhai and Shah LLP will relocate its Ahmedabad headquarters to DevX's premium managed campus at Capital One, with a total capacity of 2,000 seats, including over 1,000 seats committed in Phase 1.

Commenting on the development, Umesh Uttamchandani, Managing Director, Dev Accelerator Limited, said: "This is a defining transaction not just in scale, but in what it represents for the future of commercial real estate. A commitment of this size and tenure reflects increasing enterprise confidence in managed workspace platforms as long-term infrastructure partners. Having partnered with Manubhai & Shah LLP across multiple cities over the last five years, their decision to entrust us with their new headquarters reflects the strength of our long-standing partnership and the confidence they place in our offerings. As businesses expand beyond traditional metros, cities like Ahmedabad are becoming strategic growth centres. Our focus remains on building institutional-grade workspaces that combine flexibility with operational reliability, enabling enterprises to scale efficiently."

The campus has also attracted a diverse mix of enterprise occupiers across sectors. These include:

IT & Digital: Openxcell Technolabs Private Limited (360 seats), Tatvic Digital Analytics Private Limited (226 seats)

Healthcare & Life Sciences: Aqkode (400 seats), Advanced Clinical India Private Limited (180 seats)

Others: Patel Greentech (356 seats), Walter P Moore (160 seats), Ignosi System Private Limited (72 seats)

This diverse tenant mix highlights the increasing demand for integrated, enterprise-grade workspaces in emerging business hubs.

As India's business landscape becomes more distributed, enterprises are increasingly prioritizing scalable, experience-led workplaces that support productivity and talent retention. Managed office solutions are emerging as a preferred model, offering speed, flexibility, and reduced operational complexity for occupiers.

Designed as an integrated workplace ecosystem, the 3.15 lakh sq. ft. campus of Capital One by DevX offers a range of amenities including a managed cafeteria, coffee lounge, breakout zones, wellness facilities, gym, crèche, and collaborative event spaces creating a seamless, experience-driven environment for enterprise occupiers.

Shares of Dev Accelerator Limited was last trading in BSE at Rs. 38.37 as compared to the previous close of Rs. 37.45. The total number of shares traded during the day was 16046 in over 79 trades.

The stock hit an intraday high of Rs. 39.55 and intraday low of 37.00. The net turnover during the day was Rs. 616385.00.

Source : Equity Bulls

Keywords

DevAccelerator INE0VOV01021 DevX