Hi @Deepak_Rahul.
Are you installing the newer version of ThingWorx on a different machine? If so, you can download and install the latest version of PostgreSQL supported by the ThingWorx version you are planning to upgrade to.
If you are planning an upgrade of your existing system, I recommend backing up your system to ensure recovery if something goes wrong during the upgrade process. This would include database dumps, ThingWorx exports, and o/s level backups. If you are running a VM, I would recommend creating a snapshot prior to making any changes to ensure full recovery, if needed.
Regards.
--Sharon