Ecozen, a Pune-based agritech firm, has raised $30 million (about INR 250 crore) in a mix of equity and debt from existing investors including US-based global investment manager Nuveen.
Ecozen’s adviser Setuka Partners facilitated the debt support provided by InCred Credit Fund and the U.S. International Development Finance Corporation.
The startup plans to use the funding to meet the growing demand for its solar-powered agricultural solutions, including cold storage boxes and irrigation systems. Additionally, it aims to expand its product offerings and enhance its market presence in Africa and Southeast Asia.
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“Ecozen is experiencing rapid growth, fueled by the rising market demand for our innovative climate-smart solutions,” stated Devendra Gupta, CEO and Co-Founder of Ecozen.
The funds received will allow us to expand both domestically and internationally, as well as to grow our operations. We’re dedicated to empowering consumers and accelerating the worldwide adoption of climate-smart solutions,” he continued.
Founded by IIT Kharagpur alumni Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen assists farmers cultivating perishable crops to boost their yields, extend storage duration for their produce, and fetch higher prices in the market.
The company reports achieving a fivefold growth over the last two years, while profits have tripled during the same period. Anticipating a doubling of revenue in the current fiscal year, the company attributes this projection to strong demand for its existing product offerings.
It intends to leverage its technology stack, encompassing motors and controls, thermal energy storage, artificial intelligence, and the Internet of Things (IoT), to explore new industries transitioning towards cleaner energy sources.
In December 2022, the startup secured $25 million in a Series C funding round led by Nuveen and Dare Ventures. India EXIM Bank and existing investors also participated, leading to partial exits for early backers Omnivore and IFA.
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