🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

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

EntrackrEntrackr · 1y ago
Exclusive: Proxgy raises fresh capital from Manish Patel, Nikhil Kamath, Suniel Shetty, others
Medial

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).

6

Related News

Ajinkya Rahane invests in Proxgy’s Series A round

EntrackrEntrackr · 10m ago
Ajinkya Rahane invests in Proxgy’s Series A round
Medial

Snippets Ajinkya Rahane invests in Proxgy’s Series A round Proxgy, an IoT innovator specializing in safety, connectivity, and productivity solutions, has received funding from Indian cricketer Ajinkya Rahane in its ongoing $3 million Shashank Pathak 25 Dec 2024 11:59 IST Follow Us New Update Proxgy, an IoT innovator specializing in safety, connectivity, and productivity solutions, has received funding from Indian cricketer Ajinkya Rahane in its ongoing $3 million Series A funding round. Other key investors in the round include Nikhil Kamath, Suniel Shetty, Vinod Duggar, and Manish Patel. Entrackr had exclusively reported the Series A round in September, 2024. 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. The new proceeds will be used to scale operations, expand Proxgy’s product offerings, and strengthen its international presence. Founded by Pulkit Ahuja in 2020, Proxgy is 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. The Gurugram-based company has represented India globally, winning the European Product Design Award, Most Innovative Product at CES Las Vegas, and Most Promising Start-Up at GITEX Africa. The firm claims to have reported a 800% revenue growth in FY24, with a Rs 50 crore order book. Advertisment Disclaimer: Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investors here. Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news Subscribe Now Related Articles LIVE RBI permits third-party UPI apps to process payments from PPI wallets LIVE Leanworx raises seed round led by YourNest Venture LIVE Razorpay grants ESOPs worth Rs 1 lakh to all current employees LIVE OYO completes acquisition of G6 Hospitality LIVE Cornerstone Ventures bags $100 Mn exit from Intelligence Node Read the Next Article

Sunil Shetty-backed Regrip raises $2 Mn in new round

EntrackrEntrackr · 1y ago
Sunil Shetty-backed Regrip raises $2 Mn in new round
Medial

Bollywood actor Suniel Shetty and IT ministry-backed startup Regrip has raised $2 million about Rs 16.7 crore, in a funding round co-led by Qatar-based venture capital Sirious One, Inflection Point Ventures, and Let’s Venture. The round also saw participation from a host of angel investors, including EaseMyTrip’s co-founder Rikant Pitti, TIE Angels chairman Mahavir Pratap Sharma and Shobitam’s co-founder Aparna Thyagarajan among others Regrip has also provided exit to seed investor IIMA Ventures. The proceeds will be used to fuel the expansion of this innovative technology deployment with tyre companies and further enhance Regrip’s collection network for discarded tyres. It plans to ramp up its impact on the environment by revitalizing discarded tyres, reducing waste, and maximizing their lifespan. Founded by Tushar Suhalka, Regrip is building a network of discarded tyre collection centres. The startup uses quality-grade rubber to make refurbished tyres through shearing and retreading processes.

Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

EntrackrEntrackr · 1y ago
Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others
Medial

Rooftop solar startup SolarSquare has raised $4.2 million from existing investors Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercrabon Capital, Climate Angels and Good Capital. The board at SolarSquare has passed a special resolution to allot 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710 to raise Rs 35.44 crore, its regulatory filing shows. Lowercarbon and Good Capital invested Rs 20.74 crore and 3.32 crore while Gruhas Proptech and Rainmatter separately pumped in Rs 6.22 crore and Rs 3.98 crore, respectively. The funding will be used for the expansion, working capital requirements, and general corporate purposes, according to the filings. Every debenture issue during the round will be converted into a preference share at the next qualified funding round and the investors are considering the same to take place at a valuation of $75 million, the filings further added. As per TheKredible estimates, the company has been valued at around Rs 394 crore or $48 million post-allotment. The company is likely to raise more funds in this round and the valuation may vary after the final tranche. SolarSquare has raised over $20 million to date including its Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. According to the startup data intelligence platform TheKredible, Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Rainmatter and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare. Head to TheKredible for the complete shareholding pattern. Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. The company is yet to file its financial statements for FY24 but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted Rs 35 crore loss in the same period. SolarSquare competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. In February, the company acquired PV Diagnostics, a company with expertise in the utility scale solar power sector. Update: The story and headline have been updated to reflect Zerodha Technology as Zerodha’s Rainmatter Capital.

Download the medial app to read full posts, comements and news.