Proxgy Secures $2.2 Million in Fresh Funding from Key Investors, Including Manish Patel, Nikhil Kamath, and Suniel Shetty

Gurugram-based deep-tech startup Proxgy has raised $2.2 million in its latest funding round, led by Manish Patel. The round also saw participation from prominent investors like Nikhil Kamath, Suniel Shetty, and Kuldeep Mathur. The funds are expected to fuel the company’s growth trajectory, support capital expenditures, and meet day-to-day operational needs.

According to regulatory filings accessed through the Registrar of Companies (RoC), Proxgy issued 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, raising Rs 18.51 crore (approximately $2.2 million). Manish Patel contributed Rs 13.23 crore, while other key players, including Kamath and Shetty, invested the remaining amount.

This fresh round of funding values Proxgy at Rs 140 crore ($16.86 million), signaling robust investor confidence in the company’s innovative offerings.

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Strong Investor Support and Strategic Growth Plans

The capital raised will be used for working capital, capital expenditures, and growth initiatives as the company focuses on expanding its intelligent wearables and IoT-based safety solutions portfolio. Proxgy is well-known for products like SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox, which are designed to improve workplace safety and efficiency, particularly for blue-collar workers.

Proxgy has shown significant growth since its founding in 2020 by Pulkit Ahuja. In 2022, it raised Rs 16 crore ($2 million) in a pre-Series A round, backed by investors including LetsVenture and Planify Angel Fund.

Financial Performance and Future Prospects

Though Proxgy was in its pre-revenue stage until FY23, generating Rs 72 lakh in revenue, the company posted a loss of Rs 3.2 crore for the same period. Despite the current financial losses, the fresh capital injection is expected to accelerate the company’s growth and propel it toward profitability.

As Proxgy continues to innovate in the deep-tech space, focusing on IoT-based smart solutions, the company is gearing up to report its annual results for FY24. The future looks promising for this fast-growing startup.