Ecozen, a leading Agritech startup focusing on eco-friendly agricultural solutions, declared the successful acquisition of $30 million (about INR 249 crore) through a mix of equity and loans. This investment marks a notable advancement in the company’s goal to support small farmers with solar-powered technologies.
Nuveen, the current investor, led the equity round with contributions from other stakeholders. Additionally, InCred Credit Fund and the US International Development Finance Corporation offered financial support through loans. This funding injection is designated for enhancing product development and driving innovation within the company.
In a statement released today, Devendra Gupta, Co-founder of Ecozen, expressed enthusiasm about the prospects the funding brings, stating, “The funds raised will allow us to expand our activities and increase our market penetration in both domestic and international countries. We are committed to empowering customers and accelerating the global transition to climate-smart technologies.”
Founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen has been leading the charge in transforming agricultural methods with its innovative solutions. Their flagship products, Ecotron and Ecofrost, have garnered praise for their effectiveness in agricultural irrigation and cold chain preservation, respectively.
“We have witnessed tremendous growth over the past few years, with our profits tripling and sales increasing fivefold,” Gupta added, underscoring the company’s commitment to sustainable progress.
This Agritech startup, Ecozen’s innovative solutions have not only increased the incomes of more than 180,000 farmers but have also played a crucial role in cutting greenhouse gas emissions and minimizing food wastage. Utilizing advanced motor control, IoT, and energy storage tech, the company has become a leader in sustainable agriculture.
Moreover, with intentions to enter new markets in Africa and Southeast Asia, Ecozen is ready to extend its influence globally. “We intend to utilize our technology stack of superior motors and controls, thermal energy storage, AI, and IoT to reach new markets as they convert to cleaner energy sources,” Gupta affirmed.
Following Ecozen’s successful fundraising of $31.4 million in two rounds in 2022, the current funding round underscores its aspirations for business expansion and bolstering export-related endeavors. With support from notable investors like Omnivore, HDFC Bank, Axis Bank, and Northern Arc Group, Ecozen is primed to lead the shift towards sustainable agriculture.
As Ecozen persists in pushing innovation boundaries, its dedication to empowering farmers and promoting environmental sustainability remains steadfast.
