Climate-Foused Deeptech Startup Ecozen Secures USD 30 Mn Funding The Pune-based platform aims to deploy the raised funds to expand its current offerings and extend its market reach to Africa and Southeast Asia.
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Climate-focused deeptech startup Ecozen has announced the raising of USD 30 million in a mix of debt and equity from Nuveen Global Fund and other existing equity investors, as well as new debt support from InCred Credit Fund and International Development Finance Corporation (IDFC).
The startup raised USD 25 million in January of last year. Approximately USD 70 million has been raised so far in debt and equity.
According to the official release, the latest round of funding will be used to expand its offerings and market presence in Africa and Southeast Asia.
Devendra Gupta, CEO and Co-Founder of Ecozen, said, "The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale."
Founded in 2010 by Devendra Gupta, Vivek Pandey, and Prateek Singhal, Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. The company's two main offerings are Ecofrost and Ecotron.
Over the past two years, the platform claims to have grown 5X, with profits climbing 3X as well. In the current fiscal year, Ecozen hopes to double its sales and expand into new markets by utilising its advanced tech stack.
Rekha Unnithan, Managing Director and Head of Private Equity Impact Investing at Nuveen, said, "Ecozen's continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy."
"We like Ecozen's proven product and execution track record and the way it has transformed the lives of farmers in India. With the government of India's push on sustainable, climate-friendly initiatives, we feel the company is poised for profitable growth," added Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments.
