Agritech startup Ecozen secured $10 million to advance its climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage.
In addition to running 450 cold storage facilities around the nation, the firm claims to have provided services to more than 1 lakh farmers. Additionally, it claimed that it exceeded the INR 100 Cr sales threshold for the fiscal year 2021–2022 (FY22) and that it had positive EBITDA.
Founded by IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal, and Vivek Pandey, the firm develops technology-enabled products to strengthen the farm-to-fork value chain of perishables.
Ecozen to strengthen farm-to-fork value chain
Ecozen applies its technology stacks to the agricultural sector, and offers Ecofrost and Ecotron as solutions for cold chains and the irrigation industry to improving the income of over 100,000 farmers and enabling the generation of over one billion units of clean energy (kWh).
Further to the funding received from Nuveen Global Fund,in June this year, the startup raised Rs 54 crore of additional funding as part of the first tranche of a planned 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.
This is the second tranche of Ecozen planned Rs 200 crore Series C round.