Deeptech Startup Proxgy Ropes In Ajinkya Rahane As Investor

Delhi NCR-based deeptech startup Proxgy has secured fresh capital from Indian cricketer Anjikya Rahane as part of its ongoing $3 Mn (around INR 25.6 Cr) Series A funding round.

The round also saw participation from Zerodha cofounder Nikhil Kamath, actor and film producer Sunil Shetty, industrialist Vinod Duggar and CMG Group partner Manish Patel.

Proxy will use the fresh capital to scale operations, further expand its product portfolio and solidify its footprint in the international markets.

“This funding will enable us to expand globally and bring innovative solutions like SmartHat, Sleefe, and Lockator to industries that need them the most,” said Pulkit Ahuja, cofounder and CEO of Proxgy.

Founded in 2020 by Ahuja, Proxgy is a deeptech startup, which specialises in IoT-based solutions and provides smart wearables and safety products designed to enhance workplace safety and efficiency of blue-collar workers.

The company’s product suite includes offerings such as SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox.

The startup shot to fame after appearing on Shark Tank India and secured a cheque of INR 1 Cr from Lenskart cofounder Peeyush Bansal and former BharatPe managing director Ashneer Grover.

Having gained recognition on Shark Tank India, Proxgy made a pivot to a purely B2B model. 

In October last year, Proxgy raised $2 Mn in a pre-Series A funding round, with participation from investors such as LetsVenture, Planify Angel Fund, Mach Tech Fund, MAdhuram Papers family office, among others.

Proxgy reported a revenue of INR 8.9 Cr for the financial year 2023-24 (FY24) and claims to have a monthly recurring revenue of INR 70 Lakh. With eyes on profitability, Proxgy is eyeing a revenue of INR 40 Cr in FY25.

With India’s technology ecosystem maturing, homegrown deeptech startups are emerging as a cornerstone of innovation across sectors such as healthcare, biosciences, clean energy and space.

Venture capitalists and private equity firms are also betting big on Indian deeptech startups, which have the potential to disrupt traditional industries and address global challenges.

Of the over $8.7 Bn worth of funds launched for Indian startups in 2024, 10.4% targeted the deeptech sector.

Further, Inc42’s analysis showed that deeptech startups in the country secured over $1.5 Bn in funding across 343+ deals between 2014 to 2023.

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