Ecozen, an agritech startup, raised $10 million from Nuveen Global Fund. This second tranche is funding its planned Rs 200 crore Series C funding.
To raise Rs 82.4 crore ($10 million), the board of Ecozen approved a special resolution to issue 1,06,657 Series C2 CCPS at an issue price of Rs 7725.67 each.
Devendra Gupta, Prateek Singhal, and Vivek Pandey, alumni of IIT Kharagpur, founded Ecozen to offer technology-enabled products to improve the farm-to-fork value chain for perishables.
In the first tranche of a projected Series C round, Ecozen raised Rs 54 crore in June of this year. Dare Ventures, the venture capital arm of Coromandel International, took the lead in the new funding round. Existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) also participated through equity.
Ecozen develops climate-smart deep tech solutions to create a sustainable future and core technology stacks, such as energy storage, IoT, and motor controls. Ecozen offers Ecofrost and Ecotron solutions for cold chains and the irrigation industry, using these technology stacks to improve the income of over 100,000 farmers and enable the production of over one billion units of clean energy (kWh).
