Climate-focused Deeptech Startup Ecozen just got a big boost, raising $30 million (approx 249 crore rupees) in debt and equity funding. The main investor in equity funding was Nuveen, along with other particpants. The loans came from InCred Credit Fund and the US International Development Finance Corporation (DFC). Ecozen plans to use this money to improve their products and come up with new ideas.
Ecozen was started by Devendra Gupta, Prateek Singhal, and Vivek Pandey. They focus on helping small farmers by offering solar-powered systems. According to them, their products, Ecotron and Ecofrost, have made a big difference in how farmers irrigate their crops and keep them cold.
Climate-focused Deeptech Startup Ecozen Growth and Vision
Ecozen, a deeptech startup, has raised $30 million, combining equity and debt funding. Led by Nuveen, with support from others, and backed by loans from InCred Credit Fund and the US International Development Finance Corporation, the company aims to use the capital to enhance product development and innovation.
Ecozen specializes in solar-powered systems for small farmers, boasting transformative products like Ecotron and Ecofrost. They emphasize scaling operations domestically and internationally while leveraging advanced technologies to empower customers and drive the transition to climate-smart solutions. With a focus on reducing greenhouse gas emissions and food loss, Ecozen has witnessed substantial growth, expecting to double revenue in the current fiscal year and expand into new markets in Africa and Southeast Asia.
Ecozen’s Funding Milestones and Valuation
Ecozen’s commitment to climate-smart solutions, coupled with their remarkable growth and strategic funding, positions them as a promising player in the deeptech startup arena.
Market Valuation of Ecozen:
- By June 2022, Ecozen Solutions was valued at $48.4 million.
- Their recent funding round in April 2024 further strengthened their financial standing.
Funding Rounds:
- Across 10 funding rounds, Ecozen has raised a total of $39.07 million.
- Notable investors include Nuveen Global Fund, Axis Bank, HDFC Bank, and others.
Revenue and Growth:
- In the fiscal year 2023, Ecozen saw a whopping 139% increase in revenue, reaching Rs 293.24 crore.
- They turned profitable, generating Rs 5.76 crore in profits.
- Ecozen aims to double its revenue in the current fiscal year, driven by their core technologies like motor controls, IoT, and energy storage powered by solar energy.
Market Expansion:
- Ecozen is gearing up to expand its offerings and market presence to Africa and Southeast Asia.
Devendra Gupta on Ecozen’s Expansion and Commitment to Climate-Smart Technologies
The money we’ve raised will help us grow our operations and reach more customers in both local and international markets. We’re focused on empowering our customers and speeding up the global shift towards eco-friendly technologies. At Ecozen, we make our products using advanced technologies like motor control, IoT, and energy storage.
These products have not only increased the incomes of over 180,000 farmers but also reduced greenhouse gas emissions by 2 million metric tons and prevented over 50,000 metric tons of food from going to waste. Over the past two years, we’ve grown five times and tripled our profits. We plan to double our sales this year by meeting the high demand for our current products.
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