Proxgy Secures Rs 16 Crores in Pre-Series A Funding for Expanding IoT Solutions

• ByStartupStory     |    October 13, 2023

Proxgy, a dynamic Industrial Internet of Things (IIoT) startup, has successfully raised Rs 16 crores (approximately $2 million) in a Pre-Series A funding round. This funding comprises a combination of primary and secondary fund infusions, with the pre-money valuation for the startup set at Rs 150 crores (about $18 million) for the Pre-Series A round. This significant investment comes at a pivotal moment for Proxgy as it endeavors to fulfill a substantial current order book of over Rs 60 crores, serving prestigious Tier A clients, including ICICI Bank, Bank of India, and Bank of Baroda, among others.

The latest funding round was spearheaded by prominent investors such as LetsVenture, Planify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, and AKGVG and Associates, among others. Notably, the round reflects strong confidence from many of Proxgy’s existing investors, with several of them increasing their initial commitments, underscoring their unwavering belief in the company’s vision and potential.

Tattvam Advisors, known for their expertise in aligning investors with startups for mutual growth, played a pivotal role in facilitating this funding round.

This capital infusion not only fortifies our capacity to cater to our current clientele but also paves the way for acquiring new partnerships for our ‘Made in Bharat’ innovative solutions. Moreover, the new funding equips Proxgy with enough dry powder to drive innovation and sustain operations for the next 2 years. We are excited about the opportunities ahead and committed to delivering unmatched value to our investors and clients,” said Pulkit Ahuja, Founder and CEO of Proxgy.

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In a rapidly evolving landscape of IoT and Artificial IoT (AIoT), Proxgy is uniquely positioned to leverage its innovative solutions, robust partnerships, and the recent financial boost to reach new horizons and redefine industry standards

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