Deep-tech startup Proxgy has successfully raised around $2.2 million in a funding round led by Manish Patel, with participation from notable investors like Nikhil Kamath, Suniel Shetty, and Kuldeep Mathur. According to regulatory filings accessed by Entrackr, Proxgy’s board approved the issuance of 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, raising a total of Rs 18.51 crore (approximately $2.2 million).
Manish Patel led the investment with a contribution of Rs 13.23 crore, while other investors, including Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, and Shruthi Bothra, provided the remaining funds. The company plans to utilize the capital for various purposes, including capital expenditures, operational expenses, working capital needs, and supporting its growth objectives.
This new funding round follows Proxgy’s previous pre-Series A round in October last year, where it raised Rs 16 crore (approximately $2 million) from investors like LetsVenture, Planify Angel Fund, and Mach Tech Fund. Following the latest investment, Manish Patel holds a 3.12% stake in the company.
Founded in 2020 by Pulkit Ahuja, Proxgy focuses on developing innovative IoT-based solutions, including smart wearables and safety products aimed at enhancing workplace safety and efficiency, particularly for blue-collar workers. Some of its key products include SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox.
Though still in the early stages of revenue generation, Proxgy reported earnings of Rs 72 lakh in FY23 while incurring a loss of Rs 3.2 crore during the same period. The company is expected to release its annual results for the fiscal year FY24 soon, which will provide further insights into its financial performance and growth trajectory.
