IoT start-up Proxgy launches real-time payment audio notifications device

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Proxgy, an Internet of Things (IoT) startup, has launched the “AudioCube” payment voice box to enable merchants and retailers to receive real-time transaction settlement alerts.

The company said it has a confirmed order book of more than $5 million and an order volume of more than 1,50,000 devices.

The voice box, which is available in 120 cities in the country, supports 24 Indian languages ​​and has options like QR (Quick Response) with LED display, thermal printer, ad network integration, and dual screens.

“AudioCube simplifies payment gateway Android application integration by consolidating multiple applications into a single Soundbox. This streamlines operations and reduces the need for multiple soundboxes per payment gateway,” said Pulkit Ahuja, Founder and CEO at Proxgy.

“Audiocube…combines advanced technology with customizable 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 Audiocubes with PSUs, Private Banks, Fintechs and NBFCs in two formats – Capex and Opex. Most of the major banks, Fintech companies and NBFCs are now interested in the Opex model as they understand that dealing with IoT devices is a specialized core competency that Proxgy already offers to its clients via email” business standard.

The price of the device starts at Rs 1,199 and goes up to INR 3,999 depending on the customizations, variations, and battery size, among other details.

A report by Bank of America (BofA) said the target market for voice boxes is 25 million small and medium-sized businesses and 15-17 million smaller ones, Business Standard reported in June.

The voice box space is experiencing fierce competition. Fintech major Paytm has deployed more than 7.9 million voice boxes in the market, while BharatPe and PhonePe have deployed more than 8,00,000-9,00,000 and 2-2.2 million voice boxes, respectively.

However, Proxgy said it “does not compete with the largest financial technology companies.”

“A number of large fintech operators, PSUs, and private banks are already our customers for whom we are developing and deploying custom IoT AudioCube solutions,” the company added.

The company further said it would close its initial round at a valuation of $17 million.