Deeptech startup Proxgy has successfully raised $2.2 million in a funding round led by Manish Patel. Several notable investors, including Nikhil Kamath, actor Suniel Shetty, and Kuldeep Mathur, also participated in this round.

In this latest funding round, Proxgy issued 13,998 compulsory convertible preferred shares at Rs 13,230 each, raising a total of Rs 18.51 crore (approximately $2.2 million). According to the regulatory filing accessed by Entrackr from the Registrar of Companies (RoC), Manish Patel contributed Rs 13.23 crore, while the rest was provided by Kamath, Shetty, and other individual investors.

How Proxgy Plans to Use the Funds

Proxgy intends to use the raised capital for various purposes, including capital expenditures, day-to-day operations, working capital, and meeting growth objectives. This influx of funding is expected to support the company’s strategic goals and expansion plans.

Proxgy’s Market Valuation

According to startup intelligence platform TheKredible, Proxgy’s valuation has risen to Rs 140 crore (approximately $16.86 million) post-funding. This marks a significant increase for the Gurugram-based company, which has rapidly gained attention in the deeptech and IoT (Internet of Things) sector.

Proxgy had previously raised Rs 16 crore ($2 million) in a pre-Series A funding round led by LetsVenture, Planify Angel Fund, and Mach Tech Fund in October of last year. After the latest funding round, lead investor Manish Patel now holds a 3.12% stake in the company.

Proxgy’s Focus and Products

Founded in 2020 by Pulkit Ahuja, Proxgy is a deeptech startup focused on developing cutting-edge IoT solutions. The company is dedicated to creating innovative products that enhance workplace safety and efficiency, particularly for blue-collar workers.

Proxgy’s product lineup includes a range of smart wearables and safety devices, such as the SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox. These products are designed to improve safety conditions and boost productivity in industries where physical labor is prominent.

Financial Performance and Future Outlook

In the fiscal year 2023 (FY23), Proxgy generated Rs 72 lakh in revenue, marking a shift from its pre-revenue stage. However, the company also posted a loss of Rs 3.2 crore during the same period. Proxgy is yet to release its financial results for FY24, which will provide further insight into its ongoing growth and performance.

The latest round of funding, coupled with its rising market valuation, places Proxgy in a strong position to expand its product offerings and scale its operations. With a focus on deeptech and IoT innovation, the company is poised to address key challenges in workplace safety and efficiency, positioning itself as a significant player in the industry.

The backing from high-profile investors and the continued interest in its cutting-edge technology underscore Proxgy’s potential for future growth.