April 19, 2024: Cleantech startup Ecozen has raised $30 million in a mix of debt and equity to build more value to clean tech solutions, and to penetrate new global markets.
Ecozen was established with a vision to disrupt the way perishables are handled across the value chain, with clean and innovative technology. The company was founded by 3 young and enthusiastic graduates from IIT Kharagpur, Devendra Gupta,Prateek Singhal and Vivek Pandey.
In early 2023, the Pune-based startup raised $25 million led by Nuveen. So far, the firm has raised around $70 million across debt and equity to date.
Ecozen to expand footprints in Africa and South East Asia
Furthermore, Ecozen has set ambitious plans to widen its current services and expand its footprints in Africa and Southeast Asia, the company said in a press release.
Ecozen delivers climate-smart deep tech solutions and core technology stacks including motor controls, IoT, and energy storage that leverage solar power. The company has two core products Ecotron and Ecofrost.
The company claims to have grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, and plans to leverage its advanced tech stack to enter new segments.
Ecozen believes that these solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture.
As per startup data intelligence platform TheKredible, Ecozen’s revenue surged by 139% to Rs 293.24 crore in FY23 from Rs 122.57 crore in FY22. The sale of solar and related products accounted for 90% of its collections in the fiscal year ending March 2023.
The firm also turned profitable with Rs 5.76 crore profits in FY23 as compared to a loss of Rs 37 lakh in FY22. The firm is yet to file its annual report for FY24.
The company’s efficient data analytics, renewable energy and food technology are driven by the vision of enabling an integrated value chain. This according the company is made possible through better irrigation solutions, managing produce, and also connecting farmers with suitable markets.
The funding was raised from Nuveen Global Fund and other existing equity investors, and new debt support from InCred Credit Fund and International Development Finance Corporation (IDFC).
