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Coromondel made investment of Rs 24 crores through its wholly owned subsidiary and corporate venture capital arm Dare Ventures Limited.

Coromandel International Limited, India’s leading agri solutions company, has announced increasing its investment in Ecozen, a pioneering climate-smart technology solutions provider. The Rs 24 crores investment was made through its wholly owned subsidiary and corporate venture capital arm Dare Ventures Limited. With this, Coromandel has increased its shareholding in Ecozen to 5.54 per cent, an increase of 3.13 per cent.

Ecozen is known for its innovative and sustainable solutions such as the solar-powered irrigation (Ecotron) and cold chain systems (Ecofrost) that have positively impacted the lives of over 180,000 farmers in India. The company leverages advanced technologies including Artificial Intelligence (AI), Internet of Things (IoT), and energy storage to boost agricultural incomes and also significantly reducing greenhouse gas emissions and food losses. Ecozen clocked a turnover of Rs 274 crores in FY23, quintupling its growth in last three years, underscoring the increased consumer acceptance and demand for sustainable solutions. The company has further set its sights on expanding its offerings and market presence into Africa and Southeast Asia to build climate-smart solutions for agriculture.

Jayashree Satagopan, President, Corporate & CFO, Coromandel International Limited, stated, “The remarkable strides made by Ecozen, and its commitment to driving positive impact on the livelihoods of farmers aligns with our vision of building a smart and sustainable future. Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”

Devendra Gupta, CEO, and Co-Founder, Ecozen, expressed his gratitude for Coromandel’s increased support and investment through Dare Ventures. “We are immensely grateful for the continued support and investment from Dare Ventures, which underscores their belief in our mission and potential. Their contribution has been instrumental in our journey towards expanding our impact and reach. With Coromandel by our side, we are confident in our ability to accelerate the adoption of climate-smart technologies globally, empowering farmers and fostering sustainable growth.”

Coromondel made investment of Rs 24 crores

This will enhance Company’s backward integration capacities and provide stable supplies of phosphoric acid for its fertiliser manufacturing.

Coromandel International Limited, India’s leading agri solutions provider, has commenced the project activity to set up its Phosphoric Acid-Sulphuric Acid complex facility at Kakinada, Andhra Pradesh. Company’s Executive Chairman, Arun Alagappan, was present for the groundbreaking ceremony and S. Sankarasubramanian, Executive Director, Nutrient Business signed the key contracts with global technology partners. With an estimated outlay of Rs 1000 crores, the project is expected to be commissioned in two years’ time.

The proposed 650 ton per day (tpd) Phosphoric Acid facility is designed with advanced DA-HF (Dihydrate Attack-Hemihydrate Filtration) process technology and automated DCS system. This will enhance Company’s backward integration capacities and provide stable supplies of phosphoric acid for its fertiliser manufacturing by replacing more than 50 per cent of Kakinada plant’s imported acid requirement. The Company also plans to set up an 1800 tpd Sulphuric Acid Plant to meet the captive needs in phosphoric acid manufacturing besides augmenting power from the waste heat generation. Phosphoric acid and Sulphuric acid are used as key intermediates for manufacturing Phosphatic fertilizers like DAP and NPKs.

Currently, company’s fertilizer plants at Visakhapatnam and Ennore are fully integrated with captive Sulphuric and Phosphoric acid facilities and the proposed expansion plan at Kakinada will make this unit also an integrated complex. With a capacity of around 2 million tons, Coromandel’s Kakinada plant is the India’s second largest phosphatic fertiliser facility and contributes close to 15 per cent of nation’s NPK fertilizer output. The plant facility also acts as a habitat for countless diverse species of birds, while greatly contributing to biodiversity and conservation of the ecosystem.

Commenting on the occasion, Arun Alagappan, Executive Chairman, Coromandel International Limited stated, “This investment signifies a pivotal moment in Coromandel’s journey towards strengthening its self-sufficiency goals in fertiliser manufacturing. Over the past few years, we have been building our upstream supply chain with investments in mining project and creating intermediate products’ capacity at Visakhapatnam for Phosphoric and Sulphuric acid. The proposed Plant in Kakinada will be built on par with the best technology standards globally and enable stable supplies of phosphatic fertilisers to the farming community. This is in line with Government’s vision of “Atma Nirbhar” Bharat in fertiliser sector besides creating employment opportunities in the state of Andhra Pradesh.”

The company is also exploring investment support from the State and Central Governments, which can improve the project viability and ensure supply security for key raw materials used in fertiliser manufacturing.

This will enhance Company’s backward integration capacities

 Company posted PAT of Rs 209 Crores for Q4 vs Rs 262 Crores in Q4 of previous year, registering a decline of 20 per cent.

Coromandel International Limited, India’s leading Agri solutions provider is in the business of Fertilisers, Crop Protection Chemicals, Bio products, Specialty Nutrients, Organic Fertilizer and Retail. The Company has reported the financial results for the quarter and year ended 31st March 2024.The Board of Directors of Coromandel International Limited had approved the financial results of the company for the quarter and year ended 31st March 2024. The Board has recommended final dividend of Rs. 6 per share for the financial year 2023-24.

Highlights – Standalone Results:

 Quarter 4 FY 23

• Total Income in Q4 was at Rs. 4,027 Cr vs Rs. 5,519 Cr in Q4 of previous year, registering a decline

of 27 per cent.

• EBITDA for Q4 was Rs. 269 Cr vs Rs. 399 Cr in Q4 of previous year, registering a decline of 33 per cent.

• PAT for Q4 was Rs. 209 Cr vs Rs. 262 Cr in Q4 of previous year, registering a decline of 20 per cent.

For the Year

• Total Income for the year ended 31st March 2024 was at Rs. 22,308 Cr vs Rs. 29,784 Cr over

previous year, registering a decline of 25 per cent.

• EBITDA was Rs. 2,401 Cr vs Rs. 2,918 Cr in previous year, registering a decline of 18 per cent.

• PAT was Rs. 1,719 Cr vs Rs. 2,035 Cr in previous year, registering a decline of 16per cent.

Review of Businesses

Nutrient and Allied Business

The Revenue for the quarter ended March 2024 was at Rs. 3,358 Cr as against Rs. 4,881 Cr during Q4 of Previous Year. Profit before interest and tax for the quarter was Rs. 248 Cr vs Rs. 339 Cr for the quarter ended March 2023.

The Revenue for FY23-24 was at Rs. 19,749 Cr compared with Rs. 27,162 Cr in the previous year. Profit before interest and tax for the year was Rs. 2,176 Cr vs Rs. 2,594 Cr in the previous year.

Crop Protection Business

The Revenue for the quarter ended March 2024 was at Rs. 564 Crores as against Rs. 610 Cr during Q4 of Previous Year. Profit before interest and tax for the quarter was Rs 63 Crores vs Rs. 89 Cr for the quarter ended March 2023.

The Revenue for FY23-24 was at Rs. 2,454 Crores compared with Rs 2,617 Cr in the previous year. Profit before interest and tax for the year was Rs. 288 Cr vs Rs 358 Crores in the previous year.

Commenting on the financial results, Arun Alagappan, Executive Vice Chairman, Coromandel International Ltd. said, “FY2023-24 was marked by a challenging business environment as sub normal monsoons and lower reservoir levels in Coromandel’s key operating markets impacted the agri-inputs consumption. Further, the sharp corrections in subsidy rates in second half of the year coupled with global headwinds in Crop Protection resulted in margin pressure. Despite this, Coromandel adapted well to register a satisfactory performance and has taken progressive steps to strengthen its operations during the year. Fertilizer Plants operated at higher capacity at 95 per cent levels and improved its backward integration capabilities. Crop Protection registered a strong 20 per cent volume growth across the international and domestic markets and plans to introduce new molecules through captive and in-licensing arrangements. Retail stores improved its farm level outreach and is expanding its footprint in new markets in FY25. Company has also scaled up its drone spraying services and during the year covered 25000+ acres.

As part of its diversification strategy, the Company forayed into Speciality chemicals by leveraging its existing infrastructure and continued its engagement on CDMO opportunity. Investment in drone company Dhaksha is progressing well with a strong order book of around Rs 250 crores from Defence and Agriculture segments.

Going forward, the company is committed to strengthen its core businesses and invest in novel technologies and adjacent opportunities. The forecast of an above normal monsoon and correction in NBS rates bodes well for the industry and we expect the market fundamentals to improve in the coming period.

 Company posted PAT of Rs 209 Crores

Coromandel has covered key southern states of AP and TS, making it first fertiliser company to achieve such a significant milestone.

Coromandel International Limited, India’s leading Agri solutions provider in the business of Fertilisers, Crop Protection Chemicals, Bioproducts, Specialty Nutrients, Organic Fertilizer and Retail, has announced its milestone of clocking 16,000+ acres of farmland covered through its Gromor Drive – an agri drone spraying initiative.

Sankarasubramanian S, Executive Director, Nutrient Business, Coromandel International Limited, informed, “In line with our vision to enhance farmer prosperity and to end to the drudgery of their hard labour, Coromandel had initiated the Gromor Drive. Today, Gromor Drive has revolutionised the Indian agriculture landscape and it gives us immense happiness to share that we have crossed 16,000+acres of drone spraying in key southern states of AP and TS, making Coromandel the first fertiliser company to achieve such a significant milestone. It is heartening to know that the farmers across regions have quickly adapted to this technology and our services, evident from the overwhelming response across crop categories we received.”

“Through our understanding of farmer needs coupled with strong rural connect, we are rightly positioned to provide drone spraying services to the farming community across geographies. From reducing labour dependency to enhancing crop quality, Gromor Drive has emerged as a trusted ally for farmers striving for sustainable agricultural practices.”

Coromandel has covered key southern states of

With the new plants, the company’s capacity for phosphoric acid will increase by 750 tonnes per day, while that of sulphuric acid will go up by 1,800 tonnes per day.

Agrochemicals major Coromandel International announced that company’s Board of Directors has approved a proposal to set up new phosphoric acid and sulphuric acid plants at Kakinada in Andhra Pradesh with an investment of Rs 1,029 crore. The proposal was approved at the board meeting held on January 30, Coromandel International said in a stock exchange filing.

With the new plants, the company’s capacity for phosphoric acid will increase by 750 tonne per day, while that of sulphuric acid will go up by 1,800 tonne per day. Currently, the company has a capacity of 1,550 tonne per day for phosphoric acid and 4,200 tonne per day for sulphuric acid.

The funding for these ventures will be sourced through internal accruals and loans, with the primary objective of reducing the reliance on imports and transforming Kakinada into an integrated facility. However, the expansion of backward integration capabilities is contingent upon securing regulatory approvals.

Coromandel’s strategic investment aligns with its long-term goals of ensuring a stable supply of crucial raw materials for fertiliser production. The anticipated benefits include enhanced cost efficiencies, improved raw material security, and a contribution to the government’s vision of Atma Nirbhar Bharat.

With the new plants, the company's capacity

The Center will facilitate wider application of nano-inputs in agriculture by disseminating scientific data and knowledge to farmers, scientists and policy makers.

Coromandel International Limited, India’s leading agri solutions player, has unveiled its Coromandel Nanotechnology Center at Coimbatore, Tamil Nadu, which will support its efforts towards development of wide range of nano-enabled agro-inputs for plant nutrition and crop protection.

The Center will be the sixth R&D facility of Coromandel and the second Tech Centre which will focus on development of next-generation agri-inputs, the first being Coromandel’s research facility in Monash Academy, IIT Bombay.

The Nanotechnology Center is fully equipped with high-end equipment & research tools for carrying out cutting edge R&D work for synthesis, characterization, biosafety testing and evaluation of nanoproducts. The Center will facilitate wider application of nano-inputs in agriculture by disseminating scientific data and knowledge to farmers, scientists and policy makers. The Center will also serve as the central laboratory for all nano-products of Coromandel to ensure full compliance with regulatory guidelines. It will also have the capability to develop wide range of bioproducts.

Earlier this year, the company launched Nano DAP, which has received encouraging response from the farming community. Recently, it has also developed unique Nano Urea formulation containing 12% N (w/w), which is undergoing extensive farmer trials. The company is in the process of setting up an integrated Nano products manufacturing facility at Kakinada.

Speaking on the occasion, Coromandel’s Executive Vice Chairman Arun Alagappan said, ″The Coromandel Nanotechnology Center is a unique facility established to drive Coromandel’s efforts in nanotechnology in agriculture. This will enable high quality research in nano space and is in line with various Government initiatives to promote innovation and use of technology. This is a major step towards strengthening India’s R&D capabilities for development of efficient plant nutrition and protection solutions. ″

The Center will facilitate wider application of

The company has also signed technology partnership agreements with MECS (Monsanto Enviro-Chem Systems) and TKIS (ThyssenKrupp Industrial Solutions).

Hyderabad based Coromandel International Limited, the country’s second largest Phosphatic fertilizer player and part of Murugappa Group, announced the project initiation for setting up a new 1650 Metric Tonnes per day design capacity sulphuric acid plant at its fertiliser complex in Visakhapatnam at a cost of Rs 400 crores. The announcement was made by Arun Alagappan, Executive Vice Chairman, Coromandel International Limited. The company has also signed technology partnership agreements with MECS (Monsanto Enviro-Chem Systems) and TKIS (ThyssenKrupp Industrial Solutions).

The new sulphuric acid plant for which the investment has been announced will increase the sulphuric acid production capacity by a further 5 Lakh Metric Tonnes per annum from the current level of 6 Lakh Metric Tonnes per annum, thereby resulting in a combined capacity of 11 lakh Metric Tonnes. The investment is in line with Coromandel’s long-term objectives to secure key raw materials for its fertiliser production. The 1650 TPD sulphuric acid plant project will be setup within Coromandel’s existing Visakhapatnam plant premises. The Visakhapatnam manufacturing unit of Coromandel has a production capacity of 1.3 million Tonnes per annum complex fertilisers and a captive phosphoric acid production capacity of close to 4 Lakh Tonnes per annum. The new Sulphuric acid plant at Vizag will reduce the import dependence considerably and ensure sustainable production of Phosphoric acid, one of the key raw materials for phosphatic fertiliser manufacturing.

The new state of the art sulphuric acid plant is being built on par with globally best technology standards to control emissions. The steam generated from the process shall also be used for captive power generation.

Commenting on the setup of new sulphuric acid plant, Arun Alagappan said, “India is a net importer of sulphuric acid, and the 3rd largest importer globally, accounting for close to 20 Lakh Metric Tonnes of imports. Coromandel has announced the setting up of a new 1650 TPD sulphuric acid plant at Visakhapatnam. Considering the essential nature of fertilisers, this investment will improve the self-sufficiency and availability of phosphatic fertiliser in the country. I would like to thank the leadership team of MECS and TKIS for being with us here today for the event. This project is an important one for all of us involved and will play an important role in reducing the sulphuric acid imports into our country.”

Speaking on the event, Brian Blair, Global Licensing Manager, MECS USA said, “We have worked in close partnership with Coromandel International Limited to be able to guarantee the precise performance and emissions control needed for the project to meet stringent environmental standards and production objectives. We are excited to be part of a project that provides Coromandel a state-of-the-art sulphuric acid plant with carbon free power generation and to be ableto support it with our many decades of expertise in sulphuric acid plant technology.”

Speaking on the occasion, Rajesh Kamath, CEO & MD TKIS India said, “Coromandel International remains one of our most esteemed customer in the Phosphatic Fertiliser space. Our relationship with them dates back to the nineties when we set up a ammonia tank terminal in Ennore. This was followed by many Di-Ammonium Phosphate/NPK Fertiliser plants, cryogenic ammonia storages and Phosphoric acid plant. The sulphuric acid project is one more opportunity to take our excellent business relationship forward.”

The company has also signed technology partnership

Scaling up Crop Protection Chemicals business will significantly help the company leverage the growth opportunities in India and the global markets.

Agrochemical major Coromandel International Ltd announced that company plans to expand its operations in Crop Protection Chemicals and foray into Contract Development & Manufacturing Organisation (CDMO) business. The Board further approved the plan to diversify into new growth areas namely Speciality and Industrial Chemicals. This is in line with the company’s strategy to establish a sizeable presence in the Crop Protection Chemicals business and leverage its deep technical capabilities and best in class infrastructure to enter into adjacencies like CDMO, Specialty and Industrial Chemicals.

 Arun Alagappan, Executive Vice Chairman, Coromandel International Limited, said, “Coromandel’s current capabilities in Crop Protection Chemicals offers a strong starting position and flexibility for play in Speciality and Industrial Chemicals. With India’s high import dependency in the specialty chemicals, global supply chain diversification trends and strong policy push by the Government, these businesses offer significant growth prospects in addition to supporting the Atmanirbhar Bharat vision of the nation. Scaling up our Crop Protection Chemicals business will significantly help leverage the growth opportunities in India and the global markets. The company plans to set up new Multi Product Plants in two of its manufacturing locations apart from purchase of additional land for future expansions. Coromandel plans to invest Rs. 1,000 crores over the next two years in the above businesses and leverage the macro tailwinds in the Chemicals sector to build a business of scale.”

Entry into CDMO business is a strategic portfolio choice where Coromandel can leverage its expertise in handling complex chemistries at commercial scale and strong development capabilities across various chemistries.

Scaling up Crop Protection Chemicals business will

The company is setting up a greenfield facility in Andhra Pradesh and plans to launch the product in 2023.

 As a leading Indian agri solutions provider, Coromandel International Limited continues to make concerted efforts in driving agricultural productivity through promoting integrated farm management approach. In a major boost to drive the sustainable practices in agriculture, the Company has successfully developed a nano technology-based fertiliser, Nano DAP from its R&D centre based at IIT Bombay.

Coromandel has been conducting extensive field studies on product efficacy, biosafety and toxicity for Nano DAP in different agro-climatic zones with leading agricultural universities and the trial results have been encouraging. The Company’s application with the Government of India for commercial release of Nano DAP is in the advanced stage of approval.

Coromandel will be amongst the pioneers in developing nano technology-based solutions and has filed a patent for the product. The company is setting up a greenfield facility in Andhra Pradesh and plans to launch the product in 2023.

Speaking on the occasion, Coromandel’s Executive Vice Chairman Arun Alagappan commented “Coromandel is promoting new technologies for enhancing the resource use efficiency of its agri solutions. Nano DAP will go a long way in driving sustainability of Indian farms through improving nutrient uptake, lowering water consumption and minimizing environmental losses.

This is in line with the Government’s thrust on improving farm yields through leveraging emerging technology solutions in agriculture. The usage of Nano DAP will make the farm economics more attractive and can drive sustainable usage and site-specific nutrient applications. The Company has also recently invested in a drone start-up Dhaksha Unmanned Systems, which provides it a strong delivery platform to promote the application of Nano fertilisers through the drones.

I would like to thank the Government for its continuous guidance, extending policy and regulatory support and providing the requisite impetus for adoption of new technologies in farming. I am optimistic that the usage of Nano fertilisers will support the Atma Nirbhar Bharat vision and can drive the next wave of Green Revolution in the country.”

The company is setting up a greenfield

The company plans to use this funding for talent acquisition, R&D and production scale up.

Dare Ventures, the venture capital arm of Coromandel International Limited has announced its third investment this year into a differentiated drone startup, Dhaksha Unmanned Systems Private Limited. The company plans to use this funding for talent acquisition, R&D and production scale up.  

Coromandel, India’s largest private phosphatic fertilizer company has been a pioneer in deploying new age agritech solutions for the benefit of Indian farmers. The company has earlier partnered with Dhaksha drones to undertake several pilot programs of drone-based nutrient and crop protection applications. The company intends to soon launch a first of its kind “Drone as a Service” model in India. 

Dhaksha, one of the forerunners in the drone space in India, provides a complete range of Unmanned Aerial Systems (UAS) technology solutions for different applications covering agriculture, defence, surveillance and delivery, among others. Based out of Chennai, the company has over the years developed expertise in drone R&D, testing, manufacturing, and customer support. In addition to having developed capability to manufacture battery-operated drones, Dhaksha is the only company in India to manufacture petrol engine-based drones. 

The “Agrigator” drone developed by Dhaksha targeting the agriculture industry, helps farmers with the application of fertilizers and crop protection products. Agrigator comes with a 12L spray tank and can cover up to 30-35 acres per day with 8-hour usage. In addition, the company has also developed targeted drones with specific use-case solutions across surveillance, goods delivery and mining.  

Commenting on the investment, Ramanathan Narayanan, Director and CEO of Dhaksha said, “This funding will help us create several milestones in the drone industry, deliver world-class drones, offer exceptional support to customers across India and make the company a frontrunner in realizing the government’s vision of making India a ‘Global Hub’ for Drones.”  

Commenting on their investment, Sameer Goel, Director, Dare Ventures Ltd., and Managing Director, Coromandel International Limited said “Coromandel is delighted to support Dhaksha in its aim to create a transformational impact on the drone manufacturing industry in India. With its strong research and manufacturing capabilities, we expect Dhaksha to be a leader in the Indian drone manufacturing space in the near future.”

The company plans to use this funding

Indian Institute of Rice Research (ICAR-IIRR) in association with Coromandel International Limited hosted a day-long conclave on ‘Effective use of Nano Fertilisers in Agriculture’ in Hyderabad. The focus of the conclave was to enable and understand the mechanism and use of nano materials/fertilisers for sustainable production in the agriculture.

Dignitaries present at the conclave included Dr. K. S. Subramanian, head – Department of Nano Science & Technology, TNAU, Coimbatore; Sameer Goel, managing director, Coromandel International Limited; Shankar Subramanian, president – Fertilisers, Coromandel International Limited; Dr A Subbarao, former director, ICAR-IISS, Bhopal; Kalidas Pramanik, EVP – Marketing, Coromandel International Limited and Dr. M. B. B. Prasad Babu, principal scientist – IIRR, Hyderabad.

The inaugural address was delivered by Subramanian wherein he emphasised the importance and use of nano fertilisers along with the role of private industries to take up this innovation to the farmers for better reach and appreciated the work carried out by the ICAR institutes on nano technology. It was followed by his inputs on the involvement of public private partnership in the nano fertiliser development and their inclusive growth in the agricultural input management. Subject matter specialists from other institutes, Dr Manoj Srivastava (IARI); Dr. S.S. Mukopadhyay (PAU); Dr TNVKV Prasad (ANGRAU); Dr Rahul Kumar (UoH); and Dr Elanchezhian (ICAR-IISS) presented their work and opened up new avenues in applications of nano technology for sustainable agriculture. The event also included a panel discussion on “Current relevance and scope of nano fertilisers in agriculture which was chaired by Dr A Subbarao. The meeting ended with a formal vote of thanks by Dr. Brajendra Parmar.

Indian Institute of Rice Research (ICAR-IIRR) in

The Dun & Bradstreet Corporate Awards 2022 were presented across 30+ categories including sectoral, growth-based and special award categories.

Hyderabad based Coromandel International Limited, India’s leading Agri solutions provider in the business of Fertilisers, Crop Protection, Bio Pesticides, Specialty Nutrients, Organic Fertilizer and Retail, has been recognised as the Top Performer in the fertilisers segment by the jury of Dun & Bradstreet Corporate Awards 2022. Coromandel is also part of Dun & Bradstreet’s list of India’s Top 500 companies.

Sameer Goel, Managing Director, Coromandel International Limited received the prestigious award on behalf of the company at the hands of Avinash Gupta, Managing Director & CEO, Dun & Bradstreet.

Speaking on the achievement, Sameer Goel said, “We are delighted to be featured amongst the top performing corporates by Dun & Bradstreet. This is a recognition of our continuous efforts towards improving the shareholders’ value and conducting operations in a sustainable manner. Our Corporate Governance practices are based on transparency and accountability. We are committed towards farmers welfare and with our diversified presence across the agri value chain, we continuously engage with the farmers in developing novel agriculture solutions and integrated farming practices to maximise farm productivity. Our factories operate well within the Environmental norms and we have established a bird sanctuary in 350 acres at our Kakinada plant which has been recognised by UNDP. We are pioneers in ESG in our sector and will continue to strengthen the same.”

For more than a decade now, the Dun & Bradstreet Corporate Awards have been commemorating the outstanding performers among Indian Corporates. The Dun & Bradstreet Corporate Awards 2022 were presented across 30+ categories including sectoral, growth-based and special award categories. Only companies forming part of the Dun & Bradstreet ‘India’s Top 500 Companies’ publication in 2022 were in contention for these Awards.

The Dun & Bradstreet Corporate Awards 2022

The new funding will be used for expanding our product range, manufacturing capacity and boosting exports.

Climate-smart deeptech startup Ecozen announced that it has raised Rs 54 crore of additional funding as the first tranche of a planned Rs 200 crore Series C round. The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Early investors in Ecozen include IFA and Omnivore.

Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. Applying these technology stacks to the agricultural sector, Ecozen has revolutionized cold chains (Ecofrost) and the irrigation industry (Ecotron), substantially improving the income of 100,000+ farmers and enabling the generation of over 1Bn units of clean energy(kWh).

Ecozen sees a significant opportunity in applying its technology stacks and introducing climate-smart solutions for sectors beyond agriculture, notably electric vehicles. The company expects the market size for its innovative technology stacks in India will grow to USD 25 billion by 2025. In the coming years, Ecozen will launch multiple products which build on its deeptech expertise in thermal energy storage, motor controls, IoT, and analytics.

Commenting on this latest fundraise, Devendra Gupta, CEO and Co-Founder of Ecozen, said, “We are thrilled to partner with Dare Ventures and other new and existing investors, as we accelerate our growth and bring climate-smart deeptech solutions to new sectors of the economy. The new funding will be used for expanding our product range, manufacturing capacity and boosting exports. Expanding beyond India and beyond agriculture will enable us to expand our market potential multifold and grow exponentially while ensuring sustainability.”

Commenting on their investment, Sameer Goel, Director, Dare Ventures Ltd. and Managing Director, Coromandel International Limited, said, “We are focused on businesses with positive and long term on the ground impact and Ecozen through its innovative deep tech products is well aligned with our vision. With a keen focus on sustainability, we believe their core technology stack will significantly impact sectors beyond agriculture as well.”

The new funding will be used for