Exclusive: Proxgy raises fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others

Deeptech startup Proxgy has raised around $2.2 million in a funding round led by Manish Patel. Nikhil Kamath, Suniel Shetty, Kuldeep Mathur, and others also participated in the round.

The board at Proxgy has passed a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, raising Rs 18.51 crore, according to its regulatory filing accessed by Entrackr from the Registrar of Companies (RoC).

Manish Patel has invested Rs 13.23 crore in the company, while Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, Shruthi Bothra, and other individuals contributed the remaining amount.

The company will use these funds for capital expenditures, day-to-day expenses, working capital requirements, and growth objectives.

According to the startup data intelligence platform TheKredible, Proxgy has been valued at around Rs 140 crore or $16.86 million post-allotment. 

The Gurugram-based company has also raised Rs 16 crore ($2 million) in a pre-series A round led by LetsVenture, Planify Angel Fund, Mach Tech Fund, and others in October last year. According to the latest filing, Manish Patel holds 3.12% of the company after leading this round.

Founded in 2020 by Pulkit Ahuja, Proxgy is a deep-tech startup focused on developing innovative IoT-based solutions. The company also offers smart wearables and safety products designed to enhance workplace safety and efficiency, particularly for blue-collar workers. 

SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox are some of the offerings from Proxgy. It was in pre-revenue-stage company until FY23 as its revenue stood at Rs 72 lakh. Meanwhile, the firm posted a loss of Rs 3.2 crore in the same period. The firm is yet to report its annual results for the last fiscal year (FY24).