Proxgy raised $2.2 M fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others
Under Manish Patel’s leadership, the deeptech startup Proxgy has raised about $2.2 million in a funding round. In the round, Nikhil Kamath, Suniel Shetty, Kuldeep Mathur, and others took part.
According to a regulatory filing obtained by the media from the Registrar of Companies (RoC), Proxgy’s board has approved a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 per share, raising Rs 18.51 crore.
Manish Patel has contributed Rs 13.23 crore to the business; the remaining funds were contributed by Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, Shruthi Bothra, and other individuals.
The funds will be utilized by the business for working capital needs, capital expenditures, regular expenses, and expansion goals.
The media reports that Proxgy’s post-allotment valuation is approximately Rs 140 crore, or $16.86 million.
The Gurugram-based business additionally raised Rs 16 crore ($2 million) in October of last year through a pre-series A round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and other investors. After winning this round, Manish Patel now owns 3.12% of the business, per the most recent filing.
Proxgy is a deep-tech startup that was founded in 2020 by Pulkit Ahuja with the goal of creating cutting-edge IoT-based solutions. To improve efficiency and safety at work, especially for blue-collar workers, the company also sells smart wearables and safety products.
Proxgy provides products like SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox. With revenue of Rs 72 lakh, the company was in the pre-revenue stage until FY23. In the same time frame, the company reported a loss of Rs 3.2 crore. The company has not yet released its annual report for the most recent fiscal year (FY24).
