Proxgy Secures $2.2 Million in New Funding Round

Proxgy, a rising startup in the deeptech space, has successfully raised approximately $2.2 million in a recent funding round. The investment was spearheaded by Manish Patel, with notable participation from Nikhil Kamath, Suniel Shetty, Kuldeep Mathur, and other investors.

Proxgy's Funding Details

According to regulatory filings, Proxgy's board approved the issuance of 13,998 compulsory convertible preferred shares, priced at Rs 13,230 each. This move enabled the company to raise a total of Rs 18.51 crore (equivalent to about $2.2 million). Manish Patel emerged as the lead investor, contributing Rs 13.23 crore, while the remaining amount was secured from other participants in the round.

Proxgy Valuation and Future Plans

Following this successful funding round, Proxgy's valuation has reportedly reached Rs 140 crore (approximately $16.86 million), according to startup data intelligence platform TheKredible. The company intends to allocate the fresh capital towards capital expenditures, day-to-day operations, working capital needs, and strategic growth initiatives.

This latest investment follows a pre-series A round in October of the previous year, where Proxgy secured Rs 16 crore (around $2 million) from investors including LetsVenture, Planify Angel Fund, and Mach Tech Fund. The latest filing indicates that Manish Patel now holds a 3.12% stake in the company following his leadership in this round.

Founded in 2020 by Pulkit Ahuja, Proxgy is a Gurugram-based deeptech startup specializing in the development of cutting-edge IoT-based solutions. The company's product portfolio includes smart wearables and safety devices aimed at improving workplace safety and productivity, with a particular focus on blue-collar workers. Some of Proxgy's notable offerings include SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox.

Proxgy Financial Performance

Proxgy was in a pre-revenue stage until the fiscal year 2023, with revenue reaching Rs 72 lakh in that year. The company also reported a loss of Rs 3.2 crore during the same period. Annual results for the most recent fiscal year (FY24) are yet to be released.

This new infusion of capital is expected to bolster Proxgy's position in the market and fuel its continued innovation in the IoT and workplace safety sectors.

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