DevX launched a new center at Million Minds Tech City, Ahmedabad's newest IT SEZ
The center was inaugurated by Union Home Minister Amit Shah and Gujarat CM Bhupendra Patel
Location: Ahmedabad, Gujarat
New Client Acquisitions
Ignosis: Signed at DevX Capital One center
Ascertis Credit: Signed at DevX GIFT City center
Educational Initiatives: Signed at DevX The First center
Reflik: Expanded with additional office space at DevX Baroda center
Events Hosted
ICAI Members' Delegation Visit at DevX GIFT City: Hosted Chartered Accountants, Council Members, and IFSCA leadership discussing opportunities in GIFT IFSC
CK Birla Hospital Health Camp at DevX Jaipur: Featured on-site health screenings, specialist consultations, body composition analysis, and blood donation drive
Market Insights
Industry Trends
India has emerged as APAC's largest flexible office market
Bengaluru recorded the highest flexible office stock among 20 APAC cities in H1 2024 (CBRE data)
India's flex office stock estimated at 79.7 million sq ft in Q2 2025 (Cushman & Wakefield data)
Leading markets: Bengaluru, Delhi NCR, Mumbai, and Hyderabad
Emerging Markets
Jaipur: Emerging as attractive alternative for companies seeking talent without cost pressures of major tech cities
Ahmedabad: Growing GCC and technology hub with engineering talent and cost discipline
Data Center Growth
India's data center capacity expected to grow from 1.2 GW in 2025 to nearly 4 GW by 2030
Management Commentary
From Rushit Shah (Whole-Time Director)
Emphasis on workplace quality over cost metrics
Focus on understanding existing spaces rather than expanding square footage
Business measured by people rather than physical space
From Umesh U. (Managing Director)
Analysis of Prime Minister's May 10 speech advocating work-from-home to ease fuel and currency pressure
Indian employees prefer hybrid work with 92% citing collaboration as primary reason to come to office (Cisco data)
Average commute distance: 15-20 kilometers
Strategy focused on "five-kilometre office" concept - centers close to where teams live
Media Coverage
DevX featured on cover of Mint Catalyst publication
Coverage focused on Tier 2 cities becoming hubs for building India's best teams
Additional Information
Newsletter available on company website: https://www.devx.work/investor-relations
