Proxgy Technologies, a Shark Tank India-funded tech startup, plans to raise Rs 100 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 18 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 100 crore in FY25," Ahuja said.
Features Of Satellite-Connected Locks
Lockator locks can be remotely locked and unlocked. They have radio frequency identification and a near-field-communication smart-key unlock facility that can be tracked using geolocation features.
The locks also use geofencing to help with real-time tamper alerts. It comes with a 90-day battery life, superfast Type-C charging and a sturdy, breakage-proof design, Ahuja said.
"The smart lock is always connected to the backend dashboard and transmits and receives real-time stats and lock/unlock commands, even in zero-network zones, including deep seas," he said.
At present, the company has around 20-plus enterprise-level Fortune 500 customers and Maharatna public sector units across four different product lines.
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