Proxgy Secures Funding from Indian Cricketer Ajinkya Rahane
Proxgy, a deep-tech startup headquartered in Delhi NCR, has raised fresh funding in its $3 million (approximately INR 25.6 crore) Series A round. Among the notable investors in this round is Indian cricketer Ajinkya Rahane, joined by other prominent backers such as Nikhil Kamath, cofounder of Zerodha, actor and producer Suniel Shetty, industrialist Vinod Duggar, and CMG Group partner Manish Patel. The startup plans to channel this new investment into scaling its operations, diversifying its product line, and solidifying its international market presence.
CEO and co-founder Pulkit Ahuja expressed optimism, highlighting the potential of products like SmartHat, Sleefe, and Lockator to transform workplace safety and operational efficiency in critical industries. Launched in 2020, Proxgy focuses on IoT-driven solutions with a specialty in smart wearables and safety gear tailored for blue-collar workers. Its portfolio features a range of innovative products, including SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox, all designed to improve connectivity, productivity, and safety at industrial workplaces.
Proxgy secures fresh funding
The startup first caught public attention after its appearance on Shark Tank India, securing INR 1 crore in funding from Peeyush Bansal of Lenskart and Ashneer Grover. Building on this momentum, Proxgy transitioned to a business-to-business (B2B) model to better meet the needs of industrial clients. Earlier in October 2023, the company raised $2 million in a pre-Series A round with participation from LetsVenture, Planify Angel Fund, Mach Tech Fund, and others.
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Talking about financials, Proxgy reported revenues of INR 8.9 crore for FY 2023-24 and boasts a monthly recurring revenue of INR 70 lakh. Going forward, the company is aiming to reach INR 40 crore in revenue by FY25 as it moves closer to profitability. Proxgy claims to have achieved an 800% surge in revenue during FY24, supported by a Rs 50 crore order pipeline. As reported by several publications, India had surpassed 3,600 deep-tech startups by June 2024, with 480 emerging in 2023 alone.
