Dev Information Technology (Dev IT) has sold 5.45% of its equity holding in Dev Accelerator (DevX), a Managed Co-Working Space business, at a valuation of Rs 104 crore. Dev IT co-promoted ‘DevX’ in the year 2017 as a managed co-working space with 720 seats. As on September 30, 2022 DevX has 8,000 seats running at 79% capacity utilization levels. Since its inception DevX has seen a significant interest of investors to invest and participate in the growth of this business.
This secondary sale will bring down DEV IT’s shareholding in DevX from 41.26% to 35.81%. This will not only help unlock the valuation for shareholders of Dev IT but also help the company invest in new age business like Blockchain, AI, ML amongst others for the growth of its core business.
Dev Information Technology is mainly engaged in business of automation software development.
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