Proxgy To Raise Rs 100 crore For Expansion, Product Development

Proxgy Technologies, a Shark Tank India-funded tech startup, plans to raise Rs 1 00 crore
in a Series-A round in the coming months.
The company, which manufactures satellite-connected, GPS-enabled smart locks for
transport and logistics firms, is in talks with multiple funds and strategic investors to raise
the Series-A round, according to Chief Executive Officer Pulkit Ahuja. "The fund will be
utilised to support pan-India expansion, meet working-capital requirements and develop
new products."

The company's latest product, the Lockator smart lock, was created for the transportation
and logistics industry dealing with wagons and containers.
The industrial-internet-of-things startup sees a Rs 1 ,000 crore annual recurring revenue
opportunity across multiple sectors, such as oil marketing companies, railways, wagon
and container corporations, education and various other transportation and logistics
businesses.
The company has spent approximately Rs 1 8 crore in research and development,
technology development and product development over the last few years and has had a
turnover of Rs 20 crore so far in the current financial year. "We see a turnover of Rs 1 00
crore in FY25," Ahuja said.