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Proxgy records 800% surge in FY24 revenue

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Proxgy (Everywhere as a Service Private Limited), has announced an 800% increase in gross revenue and a 43% reduction in operational losses in its unaudited financial results for Fiscal Year 2024.

The company specializing in Industrial IoT solutions, manages over 50,000 connected devices across more than 600 cities in India. These devices serve various Tier 1 clients, including PSU Banks, Private Banks, FinTechs, and Fortune 500 logistics companies.

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Speaking on the financial results, Pulkit Ahuja, Founder & CEO of Proxgy said, “While most of our implementations last year were focussed around the FinTech space catering to AudioCubes, Dynamic QR devices, and AudioCube Minis (Pocket UPI Sound boxes), we were successfully able to launch the Lockator Smart Locks for logistics and transportation customers thereby increasing our product spread and client reach.”

During the past fiscal year, the company introduced over eight new SKUs, addressing the evolving needs of its clients. Additionally, Proxgy rebranded its AudioCube product line into the AudioPod platform, which now facilitates transactions exceeding INR 100 crores monthly.

“It is not very often that you see successful implementations of this scale which are completely Made in India for the World. With every implementation, we are quietly building a network of connected devices which would form the base net for easy large-scale deployments of smart cities and smart consumer products in the future,” Pulkit Ahuja added.

These developments are part of Proxgy’s long-term strategy to leverage base-layer IoT (Internet of Things) technology for improving customer experiences and operational processes. The company’s investment in research and development (R&D) has proven pivotal to its success, enabling the rollout of new services that meet the evolving needs of consumers and businesses alike.

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Krishna Mali
Krishna Mali
Founder & Group Editor of TechGraph.
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