Proxgy
Initial Ask – Rs. 35 lacs for 1% equity at a valuation of Rs. 35 Cr.
About the Company
The company has brought in a patented technology, where the person can book an assisted session with the place they want to explore. This is very different from a video call, as the contact details are not shared and the device need not be shared.
The company has more than 1,20,000 pre-orders. The product is open for all payment gateways. This can be used for warehousing, as the camera is there, and the soundbox is always open.
This product can be used in cases where is high pilferage, or where KYC is needed, like loans, bank accounts etc.
The hardware manufacturing needs help with, and therefore the company should look into its manufacturing needs.
Past performance of the Company
The company has pre orders, whose value is more than 10 Cr.
Industry Overview
The video cam industry is crowded with a lot of companies which have placed cameras which need not be carried around. But at a low cost, there is a literal market which is wide cracked open. Moreover, the tech innovations are speeding away, day-by-day, therefore the Research and Development Cost is very high.
Simultaneously, the Customer Acquisition Cost is very high due to competition. The Internet of Things industry is also rapidly crowding itself, which will make the new entrants die for market share.
Offers made, and the one accepted:
1. Peyush and Ashneer offered Rs. 50 lacs for 10%, which was countered at 2.5%.
Peyush and Ashneer raised their offer to Rs. 1 Cr. for 10%, but the owners did not want to dilute their valuation. However, the deal was closed at this offer itself!