Delhi NCR-based deeptech startup Proxgy has secured funding from Indian cricketer Ajinkya Rahane as part of its $3 million (approximately INR 25.6 crore) Series A funding round.
High Profile Investors Back Proxgy
The round also drew investments from Zerodha co-founder Nikhil Kamath, actor and producer Suniel Shetty, industrialist Vinod Duggar, and CMG Group partner Manish Patel.
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The fresh funds will be used to scale Proxgy’s operations, expand its product lineup, and strengthen its presence in global markets. “This investment will help us take innovative solutions like SmartHat, Sleefe, and Lockator to industries where they’re most needed,” said Pulkit Ahuja, co-founder and CEO of Proxgy. Founded in 2020 by Ahuja, Proxgy develops IoT-based smart wearables and safety devices aimed at improving workplace safety and efficiency for blue-collar workers. Its portfolio includes products like SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox.
The Startup Shot to Fame after Shark Tank India Appearance
The startup gained widespread attention after appearing on Shark Tank India, where it secured INR 1 crore in funding from Lenskart co-founder Peyush Bansal and former BharatPe MD Ashneer Grover. Following its appearance, Proxgy shifted to a B2B-focused model to better align with industry needs.
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In October 2022, Proxgy raised $2 million in a pre-Series A round from investors such as LetsVenture, Planify Angel Fund, and the Mach Tech Fund. For FY24, the company reported revenue of INR 8.9 crore and claims to generate a monthly recurring revenue of INR 70 lakh. It has set a target of reaching INR 40 crore in revenue for FY25 as it focuses on profitability and growth.
