Pune-based Ecozen Raises $25 Million In Funding
Pune-based deep tech startup Ecozen has raised $25 million in a mix of equity and debt funding.
Led by Nuveen and Dare Ventures (Coromandel International), the Series C round’s equity portion also saw participation from Export-Import Bank of India (India EXIM Bank) and existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management). Ecozen raised the debt part of the round from Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank, and Axis Bank.
Additionally, Omnivore and IFA, early investors in Ecozen, achieved partial exits in this round.
Ecozen | Climate-smart Deeptech Solutions
Founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen is a Pune-based deep tech startup focused on climate solutions. The Pune-based startup develops technology-enabled products to strengthen the farm-to-fork value chain of perishables.
Speaking about the development, Devendra Gupta, Co-founder and CEO of Ecozen, said,
“As we expand beyond India and agriculture, we will continue to focus on profitable growth and sustainable technology solutions. Ecozen will aggressively expand production capacity and product range.”
It develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage.
Applying these technology stacks to the agricultural sector, the Pune-based claims to have generated over a billion units of clean energy (kWh), saved over 20,000 metric tonnes of food loss and reduced over one million tonnes of GHG emissions.
Commenting on the development, Rekha Unnithan, Managing Director and Co-Head of Private Equity Impact Investing at Nuveen, said,
“Ecozen has built products that do all three simultaneously—replacing diesel water pumps and fossil-fuel dependent coolers, improving drought resiliency for smallholder farms, and increasing farmer incomes. With Ecozen’s proven expertise in delivering climate-smart technology solutions while maintaining profitability, together we will exponentially grow their impact globally and beyond agriculture.”
A new report by Avendus Capital highlighted that the Indian agritech sector is likely to grow in scale and will have 8-10 startups with more than a billion dollars in value each over the next five years.
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