PC: Medial
Proxgy is actually a deep-tech startup; the company has successfully closed a funding round led by Manish Patel. However, others in the round are Nikhil Kamath, Suniel Shetty, and Kuldeep Mathur. The funding has been generated according to regulatory filings, wherein the board of the company has approved a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, thereby generating Rs 18.51 crore.
Rs 13.23 crore investment by Manish Patel is a big investment, which helps instill confidence in the innovative products of Proxgy. Contributions from other key investors are being viewed as putting emphasis on collective support towards the growth trajectory of the firm. The infusion of funds is likely to be applied for capital expenditures, daily operational expenses, working capital, and advancing the growth objectives to drive the growth plan at Proxgy.
With data from startup data intelligence platform TheKredible, Proxgy post-allotment valuation comes close to Rs 140 crore or $16.86 million, marking the growth it will eventually reach in the market and scale higher in the future. In the last October round, the company had secured Rs 16 crore ($2 million) in pre-Series A funding, led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and other investors, which further established its footing in the deep-tech sector.
Founded in 2020, Proxgy, developed by Pulkit Ahuja focuses on the development of cutting edge IoT-based solutions and smart wearables and safety products targeted at improving workplace safety and efficiency of operations, of course, for the sake of blue-collar workers. Among its famous products are SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox, which, it can be noted, embodies innovation and leadership in the technological advancement in the sphere of workplace safety.
Proxgy is still in the pre-revenue-stage company till FY23 with reported revenue of Rs 72 lakh with immense promise, significant growth, and massive value addition. On the flip side, within the same period, there was a loss of Rs 3.2 crores, which shows aggressive financial management and sustainable growth orientations while managing through the extremely competitive landscape. Proxgy has thus far not announced its annual results for the last fiscal year, FY24. Stakeholders are in suspense over the company’s performance.
Proxgy is now ready to be innovated further, expanded into new markets, and further developed with respect to products in order to change along with the diverse needs of different workplace environments because the latest funding round led by Manish Patel, that has been supported by a diverse group of investors. This deep-tech solution emphasis on enhancing safety and efficiency reflects the commitment of Proxgy toward positive change and technological advancement in the industry.
