Proxgy In Talks To Raise $5 Mn From Nikhil Kamath’s Gruhas, Others At $51 Mn Valuation

SUMMARY

The funding round will see participation from Nikhil Kamath’s Gruhas, Suniel Shetty, and Manish Patel, who is a minority stakeholder in the Caribbean Premier League franchise Barbados Royals

Proxy aims to use the fresh funds for overseas expansion, scaling up production capabilities, and expanding its team

Founded by Pulkit Ahuja in 2020, Proxgy is a deeptech startup that specialises in internet of things (IoT) based solutions

Delhi NCR-based deeptech startup Proxgy is in advanced stages of discussion to raise around $5 Mn in its Series A funding round, sources told Inc42.

The funding round will see participation from Nikhil Kamath’s Gruhas, Bollywood actor Suniel Shetty, and Manish Patel, who is a minority stakeholder in the Caribbean Premier League franchise Barbados Royals.

The round will value the startup at a post-money valuation of INR 425 Cr (about $51 Mn), the sources added.

Proxy aims to use the fresh funds for overseas expansion, scaling up production capabilities, and expanding its team.

One of the sources said that the funding round was oversubscribed and the startup aims to raise another round soon after the conclusion of this funding round.

A mail sent to Proxgy seeking details about the ongoing funding round didn’t elicit any response till the time of publishing this story.

Proxgy last raised $2 Mn in its pre-Series A funding round in October last year. The round was led by LetsVenture, Plantify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, and AKGVG & Associates, along with its existing investors.

The round was a blend of primary and secondary fund infusions.

Founded by Pulkit Ahuja in 2020, Proxgy is a deeptech startup that specialises in internet of things (IoT) based solutions. It also provides smart wearables and safety products to blue collar workers to prioritise workplace safety and efficiency.

It currently offers four products:

SmartHat: A Type 1 Zone C classified smart safety helmet designed to enhance workplace safety. The helmet comes equipped with real-time tracking, environmental sensors, human condition monitoring sensors, and communication tools to enhance situational awareness for workers in industries such as construction, manufacturing, mining, and oil & gas.
Sleefe: A lightweight, easy-to-use smart device that attaches to any cap and converts it into a smart cap. Sleefe is equipped with a camera, speakers, and mic, enabling a wide range of on- and off-field optimisations in industries such as logistics, warehousing, policing, surveillance, and banking.
Lockator: A 4G-enabled smart industrial lock that provides on-the-move security and access control solutions for cargos, containers, and facilities. The lock is capable of geofencing, NFC+RFID unlock, GPS and speed tracking of shipping containers, satellite connectivity in the absence of a network, and tamper-proof e-SIMs.
AudioPod: A 4G-enabled soundbox used for instant payment confirmation received from QR codes from all leading payment banks. The startup claims that the soundbox offers first-in-segment customisable features like an LED screen and thermal printer.

Proxgy currently caters to leading players across various industries, including power, fintech, logistics, warehousing, construction, mining, oil & gas & banking.

Proxy also bagged INR 1 Cr from Lenskart’s Peyush Bansal and Ashneer Grover in Shark Tank India’s debut season.