Pune-headquartered Ecozen has raised $25 million of combined equity and debt capital as it eyes export market for its agri-tech solutions and business opportunities beyond agriculture.
Ecozen, founded by IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal and Vivek Pandey, develops solar pump controller and solar cold storage solutions by leveraging pump controller, artificial intelligence and thermal energy storage technologies. By applying its deeptech solutions to the agricultural sector, Ecozen has revolutionised cold chains (through its Ecofrost product line) and the irrigation industry (through its Ecotron product line), improving the incomes of 120,000+ farmers and helping decarbonize agriculture. The company has helped generate over one billion units of clean energy (kWh), saved over 20,000 metric tons of food loss and reduced over 1 million tons of GHG emissions, stated Ecozen.
The company said its Series C equity portion was led by Nuveen and Dare Ventures (Coromandel International), with participation from Export-Import Bank of India, and existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management). Omnivore and IFA, early investors in Ecozen, achieved partial exits in this round. The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.
Ecozen will use the capital to accelerate its growth both domestically and internationally, where it aims to capitalise on a slate of successful projects by establishing itself as a trusted agri value chain participant in Africa and Southeast Asia. Ecozen will leverage Nuveen’s experience in scaling impact-oriented businesses to augment its commercial offering, and the funding from India Exim Bank will support the Company towards its export-related activities.
The Company is also looking beyond the agricultural sector to accelerate the broader energy transition through its deeptech expertise in energy storage, motor controls, IoT and analytics. The company estimates the market size for its innovative technology stacks in India to grow to $25 billion by 2025.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: firstname.lastname@example.org.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.