Ajinkya Rahane Invests In Shark Tank Featured Deeptech Startup Proxgy As Part of $3 Mn In Series A Funding Round

Proxgy, a deeptech business based in Delhi NCR, has obtained further money from Indian cricketer Anjikya Rahane as part of its ongoing $3 million (about INR 25.6 crore) Series A funding round.

Proxgy, founded in 2020 by Ahuja, is a deeptech firm that specializes in IoT-based solutions and offers smart wearables and safety goods to improve blue-collar workers’ workplace safety and efficiency.

The round was also attended by Zerodha cofounder Nikhil Kamath, actor and film producer Sunil Shetty, industrialist Vinod Duggar, and CMG Group partner Manish Patel.

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Proxy plans to use the new funds to scale operations, increase its product offering, and strengthen its presence in 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.

The company’s product offerings include SmartHat, Sleefe, Lockator, Audiopad, AirHat, and BirdBox.

The firm rose to prominence after appearing on Shark Tank India and receiving an INR 1 crore cheque from Lenskart cofounder Peeyush Bansal and former BharatPe managing director Ashneer Grover.

After gaining popularity on Shark Tank India, Proxgy switched to a completely B2B model.

Proxgy raised $2 million in a pre-Series A investment round last October, with investors including LetsVenture, Planify Angel Fund, Mach Tech Fund, and the Madhuram Papers family office, among others.

Proxgy recorded a revenue of INR 8.9 crore in fiscal year 2023-24 (FY24) and claims to have a monthly recurring revenue of INR 70 lakh. With a focus on profitability, Proxgy expects to generate INR 40 crore in sales in FY25.

As India’s technology ecosystem matures, local deeptech businesses are emerging as a key driver of innovation in fields such as healthcare, biosciences, clean energy, and space.

Venture capitalists and private equity firms are also placing significant bets on Indian deeptech startups, which have the ability to disrupt traditional sectors and address global concerns.

10.4% of the capital raised for Indian companies in 2024, totalling more than $8.7 billion, were directed into deeptech.

Furthermore, data revealed that deeptech startups in the country received more than $1.5 billion in capital across 343+ agreements between 2014 and 2023.