Proxgy, an Internet of Things (IoT) start-up, launched a payment soundbox ‘AudioCube’ to enable merchants and retailers to receive real-time transaction settlement alerts.
The company said it has a confirmed order book with a value of over $5 million and an order size of over 1,50,000 devices.
The soundbox, available across 120 cities in the country, supports 24 Indian languages and has options such as QR (quick response) with a LED display, a thermal printer, an ad network integration, and dual screens.
“AudioCube simplifies the integration of payment gateway Android applications by consolidating multiple applications onto a single Soundbox. This streamlines operations and reduces the need for multiple sound boxes for each payment gateway”, said Pulkit Ahuja, founder and CEO at Proxgy.
“Audiocube … combines advanced technology and customisable features to redefine the banking and fintech experience,” added Ahuja.
The company plans to deploy its devices in the B2B (business to business) or B2B2C (business to business to consumer) space.
“Proxgy is deploying the Audiocubes with PSU banks, Private Banks, Fintechs, and NBFCs in two formats- Capex and Opex. Most of the bigger banks, Fintech companies, and NBFCs are now getting interested in the Opex model as they realise that handling the IoT devices is a specialised core competence which Proxgy is already offering its clients,” the company responded in an email to Business Standard.
The device’s price starts at ‘Rs 1,199 and goes all the way to INR 3,999’ depending on customisations, variations, and battery size, among other details.
A Bank of America (BofA) report mentioned that the target market for soundboxes is 25 million medium-sized SMEs and 15-17 million smaller ones, Business Standard reported in June.
The soundbox space is witnessing aggressive competition. Fintech major Paytm has deployed over 7.9 million soundboxes in the market, whereas BharatPe and PhonePe have deployed over 8,00,000-9,00,000 and 2-2.2 million soundboxes, respectively.
However, Proxgy said it is ‘not competing with larger fintech players’.
“A number of top fintech players, PSU Banks, and private banks are already our clients for whom we are developing and deploying customised IoT AudioCube solutions,” the company added.
The company further said that it is closing its seed round at a $17 million valuation.
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