Proxgy, a fast-growing Industrial Internet of Things (IIoT) firm, has secured Rs 16 crores ( approximately $2 million) in a Pre-Series A round of investment. This fundraising is a combination of primary and secondary fund infusions, with the startup's pre-money value set at Rs 150 crores (about $18 million) for the Pre-Series A round. This huge investment comes at an important phase for Proxgy, which is attempting to satisfy a substantial current order book of over Rs 60 crores while serving prominent Tier A clients such as ICICI Bank, Bank of India, and Bank of Baroda, among others.

LetsVenture, Planify Angel Fund, Mach Tech Fund, Cogniphy Angel Fund, Madhuram Papers Family Office, and AKGVG and Associates, among others, led the current fundraising round. Notably, several of Proxgy's current investors increased their initial pledges, demonstrating their steadfast enthusiasm in the company's vision and future. Tattvam Advisors, recognized for their experience in bringing investors and businesses together for mutual growth, was instrumental in organizing this fundraising round.

This capital infusion not only fortifies our ability to cater to our current clientele but also opens the way for acquiring new partnerships for our ‘Made in Bharat’ creative solutions. Further, the new funding equips Proxgy with enough dry powder to drive creativity and sustain operations for the next 2 years. We are positive about the opportunities ahead and committed to delivering unparalleled value to our investors and clients, stated Pulkit Ahuja, Founder and CEO of Proxgy. In a rapidly evolving landscape of IoT and Artificial IoT (AIoT), Proxgy has the ability to leverage its innovative solutions, robust partnerships, and the recent financial boost to reach new horizons and redefine standards in the field.