ETtechPune-based agritech firm Ecozen on Friday said it has raised $30 million (about Rs 250 crore) in a mix of equity and debt from existing investors including US-based global investment manager Nuveen.
The debt support in the deal was fulfilled by InCred Credit Fund and U.S. International Development Finance Corporation through Ecozen’s exclusive advisor Setuka Partners, said a company statement.
The company is banking on a strong demand for existing products, combined with plans to leverage a tech stack of advanced motors and controls, thermal energy storage, artificial intelligence and Internet of Things (IoT) to enter new segments undergoing a transition to cleaner energy sources, according to the statement.
These solutions will decarbonise sectors such as milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. Ecozen is also set to meaningfully expand its offerings and market presence into Africa and Southeast Asia, the company said.
“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories,” said Ecozen CEO Devendra Gupta.
Ecozen was founded in 2010 by three IIT Kharagpur alumni – Gupta, Prateek Singhal and Vivek Pandey. It develops climate-smart deeptech solutions for motor controls, IoT and energy storage. Its products include cold-chain solution Ecofrost and irrigation solution Ecotron.
The company had last closed a series C funding round of $25 million led by Nuveen and Dare Ventures in equity and debt in January 2023.
“Supporting companies like Ecozen aligns perfectly with Nuveen’s commitment to invest in businesses that have a profound impact on climate change mitigation and resilience,” said Rekha Unnithan, managing director, Nuveen.
The debt support in the deal was fulfilled by InCred Credit Fund and U.S. International Development Finance Corporation through Ecozen’s exclusive advisor Setuka Partners, said a company statement.
Ecozen said it has grown fivefold over the past two years, with a threefold increase in profit. The maker of solar powered cold storage room and pump controllers aims to double its revenue in 2024-25.
The company is banking on a strong demand for existing products, combined with plans to leverage a tech stack of advanced motors and controls, thermal energy storage, artificial intelligence and Internet of Things (IoT) to enter new segments undergoing a transition to cleaner energy sources, according to the statement.
These solutions will decarbonise sectors such as milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. Ecozen is also set to meaningfully expand its offerings and market presence into Africa and Southeast Asia, the company said.
“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories,” said Ecozen CEO Devendra Gupta.
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Ecozen was founded in 2010 by three IIT Kharagpur alumni – Gupta, Prateek Singhal and Vivek Pandey. It develops climate-smart deeptech solutions for motor controls, IoT and energy storage. Its products include cold-chain solution Ecofrost and irrigation solution Ecotron.
The company had last closed a series C funding round of $25 million led by Nuveen and Dare Ventures in equity and debt in January 2023.
“Supporting companies like Ecozen aligns perfectly with Nuveen’s commitment to invest in businesses that have a profound impact on climate change mitigation and resilience,” said Rekha Unnithan, managing director, Nuveen.
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