Ecozen, an Agri-Tech Firm Secures $30 Million in Funding

Ecozen, a pioneering deep-tech startup focusing on climate solutions, has secured $30 million through debt and equity financing. The round was led by Nuveen Global Fund, with continued participation from previous equity investors and new debt support from InCred Credit Fund and International Development Finance Corporation (IDFC). This fundraising follows a $25 million investment led by Nuveen in January of the previous year. Ecozen has amassed approximately $70 million in total funding across various financing rounds.

According to a recent press release, Pune-based Ecozen is gearing up to broaden its product suite and expand into new markets across Africa and Southeast Asia. The company specializes in climate-smart technologies, including advanced motor controls, IoT, and energy storage systems, all integrated with solar power capabilities. Ecozen's flagship products, Ecotron and Ecofrost, exemplify its commitment to sustainable technology.

Over the past two years, Ecozen has achieved a remarkable fivefold increase in growth and a tripling of its profits. Looking ahead, the company aims to double its revenue in the current fiscal year and plans to expand its technology offerings into new sectors. These initiatives are expected to help decarbonize various industries, including milling, mobility, retail, and more, building on the success of their agricultural pumping and cooling solutions.

According to data from the startup intelligence platform TheKredible, Ecozen’s revenue skyrocketed by 139% in FY23, reaching Rs 293.24 crore, a significant increase from Rs 122.57 crore in FY22. By the end of March 2023, solar products and related items accounted for 90% of its fiscal collections. Notably, the company also reported a profit of Rs 5.76 crore in FY23, a substantial turnaround from a slight loss the previous year. These financial achievements underscore Ecozen's growth and stability, making it an attractive investment opportunity. However, it's important to note that Ecozen is still in the process of preparing its annual report for FY24.

Ecozen stands alongside companies such as Powerflex, Inficold, and Khetworks in the competitive landscape, carving out a niche in the burgeoning field of sustainable, solar-powered solutions.