Proxgy
Overview
Proxgy is a deep-tech startup based in Gurugram, Haryana, India, known for developing IoT-based solutions and smart wearables designed to enhance safety and productivity, particularly for blue-collar workers. The company was founded in 2020 by Pulkit Ahuja and Inderjit Singh Makkar. As of December 2024, Proxgy has raised approximately $5.74 million over multiple funding rounds to support its innovative ventures and expansion efforts.
Recent Developments
- 2024: Proxgy successfully raised $3 million in a Series A funding round, with participation from notable investors such as Indian cricketer Ajinkya Rahane, Zerodha cofounder Nikhil Kamath, and Bollywood actor Suniel Shetty. The capital will be used to expand Proxgy's product offerings and international presence.
- In FY24, Proxgy reported an 800% increase in gross revenue and a 43% reduction in operational losses. The company now operates over 50,000 connected devices across 600+ Indian cities, marking a significant expansion of its network and service capabilities.
- Proxgy recently launched its AudioPod platform, a rebranding of its AudioCube product line. The platform is recording over INR 100 crores in monthly transactions.
- The company is also focusing on building a comprehensive mesh network for easy large-scale deployments of smart cities and smart consumer products.
- October 2023: Proxgy secured Rs 16 crore in a pre-Series A funding round to support its growing order book, which includes prestigious clients like ICICI Bank and Bank of India.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | Gurugram, Haryana, India |
| Founders | Pulkit Ahuja, Inderjit Singh Makkar |
| Revenue (FY24) | INR 8.9 crore |
| Key Investors | Ajinkya Rahane, Nikhil Kamath, Suniel Shetty, Manish Patel |
| Industry | IoT Solutions, Smart Wearables |
| Number of Employees | 32 (as per recent reports) |
Early History
Proxgy was conceived during the COVID-19 pandemic, when founder Pulkit Ahuja recognized the need for innovative solutions to enhance safety and connectivity for workers in hazardous environments. Initially, the company aimed to create virtual commerce platforms that allowed users to navigate physical spaces via proxy avatars. This vision evolved into the current focus on IoT-based safety products. Proxgy quickly captured the attention of investors and appeared on Shark Tank India, where it secured funding from influential figures such as Peyush Bansal of Lenskart and BharatPe's Suhail Sameer.
Company Profile and Achievements
Proxgy specializes in developing IoT-based products that improve workplace safety and efficiency. Among its flagship products are the SmartHat, a safety helmet equipped with sensors and communication tools, and the Sleefe, a smart wearable designed to assist blue-collar workers. The company operates with a three-layered tech stack, incorporating IoT hardware, custom software, and a SaaS platform. This innovative approach has positioned Proxgy as a leading player in the Industrial IoT landscape. Significant achievements include:
- Launching over eight new products in FY24
- Establishing a strong foothold in sectors like logistics, construction, mining, and banking
- Building a substantial client base, including PSU banks and Fortune 500 companies
- Achieving 800% revenue growth in FY24
Current Operations and Market Position
Currently, Proxgy's products are deployed across more than 600 cities in India. The company serves a wide array of clients, including major banks and logistics firms. Proxgy's strategic initiatives focus on expanding its IoT network, which will support future smart city projects. The company's robust innovation and scalability make it a prominent competitor in the global IoT solutions market. Proxgy continues to explore new geographies, particularly in South America and the Middle East.
Conclusion
Proxgy stands out as a pioneering startup in the IoT and smart wearables industry. It has demonstrated substantial growth and innovation, leveraging cutting-edge technology to enhance blue-collar work environments. With a strong focus on expanding its product range and market presence, Proxgy is poised to significantly impact the Industrial IoT space. The company's ongoing efforts to build a connected device network and support large-scale deployments signal a promising future trajectory.