26 July 2024
Everywhere as a Service Pvt Ltd (Proxgy) - The company innovates and provides IoT-based solutions to enhance the lives of blue-collar workers and is involved in the production of IoT-based hardware (such as Audiocube, Lockator, Smarthat, and Sleefe). The company has a Leader in IoT hardware innovation and democratizing IoT with customized solutions with 1 R&D unit & 4 manufacturing units.
By fusing innovation with rigorous research and development, the company is launching cutting-edge IoT solutions and setting new standards for connectivity trends. They also prioritize data security and cost-effectiveness in line with the "Make in India" policy to fill the void created by Chinese products.
The company also aims to meet the entire domestic requirement of highly-innovative R&D-based IoT-enabled hardware with data security. Currently, India imports the majority of IoT hardware from China (₹ 9840 Cr. FY22) due to the high production cost in terms of import duties and all involved but Proxgy aims to make India Aatmanirbhar in this field. This comes under Make in India initiative. The company targeting to capture the $390.4 bn market demand consists of the major contribution of “Sleefe product” which is a high margin product of Proxgy with its 4 manufacturing units (can increase manufacturing unit as per the requirement).
Current Scenario of the Demand and Supply IoT-based Hardware Industry:
Product | Demand | Supply | |
(Serviceable Obtainable Market) | 2024 | 2027 | |
Smart Hat | ₹ 533 Cr. | ₹ 1 Cr. | ₹ 55 Cr. |
Sleefe | ₹ 28,091 Cr. | ₹ 3 Cr. | ₹ 55 Cr. |
Lockator | ₹ 228 Cr. | ₹ 3 Cr. | ₹ 55 Cr. |
Audio Cube | ₹ 914 Cr. | ₹ 21 Cr. | ₹ 120 Cr. |
Why Proxgy?
- Proxgy has gained first mover advantage and also received more than 25 IPR (Patents) grants across the United States, European Union, and India.
- Proxgy won the Supernova Challenge at GITEX Africa, African continent's biggest tech and startup event - we bettered over 800+ companies from across the African continent and across the globe to win a cash prize of USD 50,000, Entrepreneur of the Year award in the Security category from MSME India (non - paid jury selection awards), CDL Wisconsin Graduates, Convergence India Winner, and featured and Funded on Shark Tank India Season 1.
- Proxgy has raised cumulatively Rs. 10 Cr + in 4 rounds from notable investors like Piyush Bansal, Suhail Sameer, Anchal Mittal, etc.
Traction:
- Proxgy is substituting the dependency on Chinese products by supplying IoT-based feature-loaded innovative hardware to the Indian domestic market and has secured an order worth ₹ 35 Cr. From renowned customers (such as BOI, BOB, Millennials Insurance Brokers, Adani Electricity, Bharat Pe, Free Charge, Google Pay, KhataBook, etc).
- The company is capturing the market with the mass production of high volume & low margin products (Audiobox & lockator) and earned client trust with trusted products, securing Rs. 35 Cr order book value.
- 100% of the top line is secured for FY 24.
- Management of the company is in secured and experienced hands of Technology based Platform business and Hardware. Pulkit Ahuja is a serial entrepreneur who has provided 1 successful exit in his last 2 ventures (Cabsguru and Unlockar).
- Proxgy established a pan India network of distributors who have experience in Industrial selling to cater to future supply chain management and 4 productions facility in North India to meet the future demand.
- Proxgy's upcoming products, "Airhat" and "Birdbox," are poised to disrupt the future market for IoT-based hardware, making them potential game-changers in the industry.
It is expected that the company will achieve a turnover of ₹329 Cr. by FY26 and with a 7% PAT margin, Proxgy profits should be close to 24 Cr. Even at the current industry P/E of 30x, the company is expected to achieve ₹720 Cr. valuation in 3 years which is a multiple of 3.6x of the current valuation (Rs. 200 Cr).
This shows that on an investment of ₹50 Lakhs, there’s a great chance to earn over ₹ 1.8 Cr.
Investment Eligibility:
This investment opportunity is available through the AIF model. AIF would have a 2% management fee and 80:20 profit sharing.
Angel investors need to have a net worth of 2 crores at least to be eligible for the investment.
Planify Infinity Angel Fund will be allotting the units of AIF (like in mutual funds) rather than providing shares in Demat.
Min Investment Amount - ₹5,00,000
Proxgy AIF NAV - ₹100/unit
For direct cap on the table - Min. Investment - 50 Lacs.
