Indian cricketer Ajinkya Rahane has thrown his weight behind Proxgy, a Gurugram-based IoT company, by participating in its $3 million Series A funding round. The round also saw contributions from prominent names like Nikhil Kamath, Suniel Shetty, Vinod Duggar, and Manish Patel, marking a significant milestone for the rapidly growing startup.
Proxgy has been making waves with its focus on safety, connectivity, and productivity solutions, positioning itself as a rising star in the IoT space.
A Stellar Line-Up of Investors
Proxgy’s ability to attract top-tier investors speaks volumes about its potential. Ajinkya Rahane’s involvement is a noteworthy highlight, as the celebrated cricketer ventures into the tech investment landscape. Nikhil Kamath, co-founder of Zerodha, and Bollywood actor Suniel Shetty add to the diverse mix of supporters.
The company previously made headlines in September 2024 when Entrackr exclusively reported its Series A round. Before this, Proxgy secured Rs 16 crore ($2 million) in a pre-Series A round in October 2023. That round saw participation from LetsVenture, Planify Angel Fund, and Mach Tech Fund, showcasing consistent investor confidence.
Leveraging Fresh Capital for Growth
The funds raised will be strategically deployed to expand operations and strengthen Proxgy’s product offerings. This includes scaling its international presence to tap into global markets, a move that aligns with the company’s vision to revolutionize workplace safety and efficiency.
Proxgy’s flagship smart wearables and safety devices have already set a benchmark for innovation. By focusing on blue-collar workers, the firm is addressing a crucial gap in industrial safety, leveraging IoT to offer practical and impactful solutions.
A Legacy of Innovation and Recognition
Proxgy, founded in 2020 by Pulkit Ahuja, is no stranger to accolades. The company has represented India on international platforms, bagging prestigious awards such as the European Product Design Award, Most Innovative Product at CES Las Vegas, and Most Promising Start-Up at GITEX Africa.
Its innovative IoT solutions have helped secure a robust Rs 50 crore order book for FY24, reflecting 800% revenue growth. These numbers are a testament to the company’s market relevance and the growing demand for its products.
What’s Next for Proxgy?
The future looks bright for Proxgy as it gears up for its next phase of growth. With new funding in its arsenal and a stellar track record of innovation, the company is well-positioned to disrupt the IoT sector further.
From addressing industrial safety concerns to setting global benchmarks in product design, Proxgy’s journey is a remarkable example of how Indian startups can make an impact on the global stage.
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