Pune-based agritech startup Ecozen has raised $30 million in a combination of debt and equity.
The capital infusion includes continued backing from Nuveen and other existing investors and new debt support from InCred Credit Fund and the US International Development Finance Corporation through Ecozen’s exclusive advisor Setuka Partners LLP.
Ecozen plans to use the funding to address the growing demand for its solar-powered agricultural solutions, including cold storage boxes and irrigation systems. It also plans to expand its product offerings and market presence in Africa and Southeast Asia.
“Ecozen is on an accelerated growth path, driven by the increased market demand for our pioneering climate-smart solutions,” said Devendra Gupta, CEO and Co-Founder of Ecozen.
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“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale,” he added.
Ecozen, which was founded by IIT Kharagpur alumni Devendra Gupta, Prateek Singhal, and Vivek Pandey, helps farmers who grow perishables to increase their yields, store their produce for longer, and realise higher prices.
The company claims to have clocked a 5X growth over the past two years, with profits growing 3X during the same period. The company expects to double its revenue in the current financial year, driven by robust demand for its current offerings.
It plans to use its technology stack, which includes motors and controls, thermal energy storage, AI, and IoT, to venture into new sectors that are transitioning into cleaner energy sources.
In December 2022, the startup raised $25 million in a Series C round led by Nuveen and Dare Ventures, with participation from India EXIM Bank and existing investors, resulting in partial exits for early backers Omnivore and IFA.
Edited by Swetha Kannan
