Connect with:
Tuesday / February 4. 2025

logo
mobile-logo
HomePosts Tagged "Ecozen"
Agribusiness, Agrotech, Cold Storage, Company News, Finance, India, Start ups, Supply Chain

This round of investment will be directed toward scaling Ecozen’s flagship solutions, including Ecotron, Ecofrost, and advanced motor control systems.

Ecozen, a leading climate-smart technology solutions provider, has raised over $23 million in debt funding from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others. This funding will help Ecozen drive scale in its current businesses while furthering its position as a leader in sustainable technologies.

Ecozen has recorded an outstanding CAGR of over 83 per cent in revenue growth over the past three years, underscoring its rapid and sustained success. The company has manufactured over 300,000 Ecotron solar pump controllers to date, with an impressive 100,000 units produced between March and December 2024 alone. These innovations have contributed to the abatement of more than 2 million metric tons of greenhouse gases (GHG), including a remarkable 660,000 metric tons in 2024 alone.

In 2025, Ecozen is expanding its portfolio with innovative products tailored to the evolving needs of communities and businesses. With a strong commitment to sustainability and innovation, the company will continue to pave the way for a future where growth and environmental responsibility go hand in hand.

Devendra Gupta, CEO and Co-Founder of Ecozen, said, “This funding reaffirms the confidence our partners have in Ecozen’s ability to drive impactful change through innovation. We are excited to be on a rapid growth path, driven by the increasing need for sustainable, climate-smart solutions. This funding will help us reach more people, expand our operations, and strengthen our impact in India and beyond. Our focus has always been on empowering our customers and providing them with the tools they need to thrive in a changing world. I’m truly grateful for the trust and support from our investors—responsAbility, Northern Arc, Maanaveeya and others, including our existing partners, who share our vision and are helping us create lasting positive change.”

Neha Baid, Team Head, Sustainable Food Debt, APAC, at responsAbility Investments AG, added,”Ecozen’s innovative solutions resonate deeply with our commitment to support sustainable and impactful ventures that are focused on climate mitigation, food loss and waste reduction and fostering overall climate resilience. We are proud to contribute to their journey of empowering rural and industrial stakeholders with advanced climate-smart technologies.”                                                                                                                                                                                                           

Ashish Mehrotra, MD & CEO, Northern Arc Capital said, “Northern Arc is delighted to support Ecozen in their journey of creating a sustainable impact through innovative technologies. This partnership underscores our unwavering commitment to addressing climate change and fostering climate-first businesses. With the launch of our USD 125 million climate fund dedicated to supporting businesses that control and mitigate climate change, we aim to empower enterprises like Ecozen to grow and prosper. Together, we strive to advance climate-sustainable solutions and contribute meaningfully to a greener, more resilient future for all.”

“Over the past four decades, Maanaveeya has supported businesses that drive social change and economic empowerment. Ecozen exemplifies the potential of innovative technology to solve real-world problems. We look forward to seeing them expand their footprint and impact even further.” highlighted Dr Gouri Sankar, the Managing Director of Maanaveeya Development & Finance Private Limited.

This round of investment will be directed

Agribusiness, Agrotech, Cold Storage, Company News, Finance, India, Investments, Supply Chain

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

Agribusiness, Agrotech, Climate, Cold Storage, Company News, Finance, Funding, India, Start ups, Supply Chain

Latest funding will be used to cater to the growing demand for Ecozen’s innovative products and to further its commitment to climate-smart technology.

Ecozen, a leader in climate-smart technology solutions, announced today that it has raised USD 30 million in a mix of debt and equity. This infusion of capital includes continued support from Nuveen and other existing equity investors, and new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC) through Ecozen’s exclusive advisor Setuka Partners LLP.

The latest round of funding will be used to cater to the growing demand for Ecozen’s innovative products and to further its commitment to climate-smart technology. The company has grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, buoyed by strong demand for existing products and plans to leverage its tech stack of advanced motors and controls, thermal energy storage, AI and IoT to enter new segments undergoing a transition to cleaner energy sources. These solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. The company is also set to meaningfully expand its offerings and market presence into 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. “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. I thank our investors, Nuveen and other existing equity investors, for their continued support which will help us cater to the present opportunity. We are also happy to have institutions like the DFC and InCred partner with us in our journey of catalysing climate-smart solutions for agriculture and other key sectors in the future”, said Devendra Gupta, CEO and Co-Founder of Ecozen

 “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 and Head of Private Equity Impact Investing at Nuveen. “Ecozen’s continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy.”

“We like Ecozen’s proven product and execution track record, and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments. “The opportunity in India and other developing markets is huge and we are excited to partner with Ecozen in its growth journey. The investment ties up well with our fund’s thesis on innovative cleantech solutions that can reach the masses.”

“DFC is pleased to be supporting an innovative and impactful project with Ecozen that aligns with our priorities of investing in climate adaptation solutions and improving agricultural productivity. This is a highly significant transaction that will improve production, reduce food loss, and decrease emissions in India”, said James Polan, DFC’s Vice President of Health & Agribusiness.

Latest funding will be used to cater

Cold Storage, Finance, Start ups

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

Agrotech, Cold Storage, Environment, Sustainability

Ecofrost is a revolutionary product and is helping transform the perishable cold in India and globally

Ecozen, a sustainable technology-led solutions company, participated in Tomato Krishi Mela organised by SELCO Foundation with APMAS and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) for tomato and allied value chains at Madanapalle, Chittoor, Andhra Pradesh. The primary objective of the event was to demonstrate solutions that can replicate, and scale decentralised sustainable solutions and create synergy among the actors of the ecosystem; technology manufacturers, financiers, trainers, markets, etc. Madanapalle is Asia’s largest tomato market and can hold approx. 800 – 1700-tonne tomatoes per day.

Speaking at the event, BU Head and President of Ecofrost, Ravindra Dolare, said, “Our solar-powered cold rooms, Ecofrost is a revolutionary product and is helping transform the perishable cold in India and globally. It helps farmers increase the shelf life and reduce wastage of their produce. Tomato Krishi Mela, organised by our esteemed customer the SELCO Foundation, focuses on the need for decentralised renewal energy for technologies that improve the livelihoods of our farmers. We are delighted to be a part of the same to showcase our innovation and how we play a critical role in keeping the quality of perishable products like tomatoes.”

The event was attended by various stakeholders including foundations, delegates, finance institutions, individual farmers, FPOs, NGOs, and government officials, and showcased scalable sustainable energy-driven livelihood technology solutions demonstrated by small and medium enterprises across on-farm and post-processing technologies for tomato and allied value chains. Technologies that focus on improving rural incomes such as solar-powered and efficient- cold storage units, sprayers, bio fermenters, soil testing units, etc. were on display to create awareness and aid in scaling of these solutions.

Ecofrost is a revolutionary product and is