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Manish Patel has led a funding round that has raised approximately $2.2 million for Proxgy, a deeptech startup. Suniel Shetty, Kuldeep Mathur, Nikhil Kamath, and others attended the round.
The company will allocate these funds to its working capital needs, growth objectives, capital expenditures, and daily expenses.
The Proxgy board has approved a special resolution to issue 13,998 compulsory convertible preferred shares at an issue price of Rs 13,230 each, resulting in a total of Rs 18.51 crore.
The remaining amount was contributed by Kuldeep Mathur, Bajranj, Nikhil Kamath, Suniel Shetty, Shruthi Bothra, and other individuals, while Manish Patel has invested Rs 13.23 crore in the company.
Proxgy has been valued at approximately Rs 140 crore or $16.86 million post-allotment, according to the startups data intelligence platform TheKredible.
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The Gurugram-based company has also raised Rs 16 crore ($2 million) in a pre-series A round anchored by LetsVenture, Planify Angel Fund, Mach Tech Fund, and other investors in October of last year. Manish Patel, who led this round, currently possesses 3.12% of the company, according to the most recent filing.
Proxgy is a deep-tech venture that is dedicated to the creation of innovative IoT-based solutions. The company also provides smart wearables and safety products that are specifically designed to improve the safety and efficacy of the workplace, with a particular emphasis on blue-collar workers.
About Proxgy
Founded in 2020 by Pulkit Ahuja, Proxgy (Everywhere as a Service P. Ltd.) is a technology aggregator working in the field of creative World technology solutions that ease the day-to-day issues of its users and let them explore a whole new world of opportunities and possibilities.
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