Dev Accelerator is a workspace company that solved a structural problem-India’s Tier-2 cities had plenty of corporate demand but almost no Grade A office supply-by inventing a model where it partners with local landowners to design, build, and operate institutional-grade offices without owning a single brick. Founded in 2017-2018 with a deliberate bet on cities like Ahmedabad and Vadodara, the company listed on the NSE and BSE in September 2025 and now serves over 300 clients including Fortune 500 firms and Global Capability Centres across 12 Indian cities. The recurring idea behind everything it does is full-stack integration: it handles site selection, bespoke fit-out, technology, and day-to-day facility management under a single contract, so a client moving into a new city never has to stitch together five different vendors. # Business segments A single integrated workspace platform with two small capability subsidiaries that feed it-the core engine designs, builds and operates managed offices for enterprises, while an in-house design firm and a technology unit deepen client relationships and open new deal flow. ## 1. Managed workspaces: where enterprises get offices built and run for them **DevX takes a long lease on an empty shell, designs and builds a custom office inside it, then sub-leases that finished space to a corporate client on a multi-year contract-earning the spread between what the client pays and what it owes the landlord, while the building itself stays on someone else’s balance sheet.** - **Built-to-suit is the anchor** - roughly 65% of revenue comes from enterprise clients on built-to-suit contracts, where a client shares its requirements and DevX designs and constructs the entire office from scratch. - **Tier-2 cities are the moat** - about 71-75% of revenue comes from Tier-2 markets, where DevX holds a 12.7% market share and earns a rent-to-revenue ratio of 2.42x, better than the Tier-1 industry average of 2.2x, because competition is thinner and landlords are more flexible. - **Clients almost never leave** - seat retention runs at 99.7% and net churn is effectively zero, partly because the average client has been with DevX for 3.5 years and more than 100 clients use DevX in multiple cities, making the operational hassle of switching providers prohibitive. - **The landowner-development model unlocks supply that did not exist** - in markets where institutional developers are absent, DevX acts as a development manager for local landowners, handling feasibility, design, approvals and leasing while the landowner retains full ownership, which delivers up to 30% higher returns to the landowner and gives DevX a pipeline of Grade A+ buildings without deploying its own capital. - **Scale is concentrated, not scattered** - the Ambli Bopal corridor in Ahmedabad alone accounts for roughly 16 lakh square feet of contracted space, creating a density that makes it hard for a competitor to replicate the same service levels or landlord relationships in that micro-market. ## 2. Needle & Thread: the in-house design arm that now builds for outsiders too **What began as the team that fitted out DevX’s own centres is now a standalone interior design and build firm that completes a project in 75-90 days and brings new clients into the workspace ecosystem.** - **Faster and cheaper fit-outs for the parent** - because the design capability sits inside the group, DevX can build its own centres at lower cost and in less time than if it tendered every project to external contractors, which directly improves the economics of each new lease it signs. - **A client-acquisition channel disguised as a design firm** - when Needle & Thread builds an office for an external company, that company has already experienced DevX’s quality and project management, making it a warm lead for a future managed-workspace contract. - **Small but self-sustaining** - the subsidiary generated revenue of INR 52.3 crores in FY26 with an EBITDA margin of 7.2%, completing around 60 projects totalling 10 lakh square feet, with roughly 30 active projects running at any given time. ## 3. SaaSjoy Solutions: the technology layer that makes clients stickier **A small software subsidiary that handles recruitment, payroll and HRMS for GCC clients-less a standalone business and more a retention tool that makes DevX a one-stop shop.** - **Deepens the relationship beyond the lease** - by running a client’s payroll and HR technology, DevX embeds itself into daily operations in a way that a pure real-estate provider cannot, which reduces churn once the initial lock-in period expires. - **Modest scale, strategic purpose** - the unit generated INR 7.17 crores in revenue at a 9.6% EBITDA margin in FY26, serving over 10 active clients, and is positioned as part of a broader ecosystem of brands that together present DevX as a full-stack GCC partner rather than just a landlord. # Group structure and partners **The listed parent holds the core workspace platform and two operating subsidiaries, with a web of associate entities that extend its reach into property technology and capital sourcing.** - The consolidated group comprises Dev Accelerator Limited as the listed parent, two subsidiaries-Needle and Thread Designs LLP (design and build) and SaaSjoy Solutions Private Limited (technology)-and a set of associate entities that as of end-2025 included Janak Urja Private Limited, Swadesh Venture Fund LLP, Finclave Accel LLP, and Eezily Networks Private Limited, the last of which is a tech-led supply-sourcing marketplace in which DevX acquired a 35% stake in November 2025. - The company also holds investments in JUPL and AEPL to support an OpCo-PropCo structure, where an operating company manages day-to-day workspace operations while a separate property company owns the physical asset, giving DevX sweat equity, management fees and benefit from fund-management fees (15% of carry) without tying up its own balance sheet in real estate. - The IPO in September 2025 raised a net INR 12,738 lakhs, most of which was earmarked for fit-out capital expenditure in new centres and debt repayment; by December 2025 roughly INR 8,744 lakhs had been deployed, with the remainder held in monitoring accounts. - In early 2026 the promoters infused additional capital through convertible warrants, while Infibeam Projects Management Private Limited took a 4.70% equity stake via a preferential allotment, bringing fresh funds alongside a strategic non-promoter shareholder.