SUMMARY
- Proxgy raised $2.2 million in a funding round led by Manish Patel.
- The firm’s post-allotment valuation is estimated at ₹140 crore ($16.86 million).
- The 2020-founded startup creates IoT-based products, focusing on smart wearables for worker safety.
In a funding round headed by Manish Patel, Deeptech startup Proxgy has raised about $2.2 million. Participants in the round included Suniel Shetty, Kuldeep Mathur, Nikhil Kamath, and others.
The board at Proxgy has passed a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of ₹13,230 each, raising ₹18.51 crore, according to its regulatory filing accessed from the Registrar of Companies (RoC), as reported by Entrackr.
Manish Patel has invested ₹13.23 crore in the company. The remaining funds were donated by Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, Shruthi Bothra, and other individuals. The organization intends to utilize the funds for working capital needs, capital projects, ongoing costs, and expansion goals.
TheKredible, a startup data intelligence platform, estimates Proxgy’s post-allotment valuation at about ₹140 crore, or $16.86 million. In October of last year, the Gurugram-based business raised ₹16 crore ($2 million) in a pre-series A round-headed by LetsVenture, Planify Angel Fund, Mach Tech Fund, and other investors. Manish Patel led this round and now owns a 3.12% stake in the company, according to the most recent filing.
Pulkit Ahuja-led Proxgy is a deep-tech startup to create cutting-edge IoT-based products. To improve productivity and safety at work, especially for blue-collar workers, the company also sells smart wearables and safety goods. The 2020-founded startup provides products like SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox. With sales of ₹72 lakh, the company was in the pre-revenue stage until FY23. In the same time frame, the company reported a loss of ₹3.2 crore.
