Agriculture-focused deep tech startup Ecozen has secured Rs 82.4 crore or $10 million from Nuveen Global Fund. Ecozen had raised Rs 54 crore as the first tranche of the Series C round. This is the second tranche of its planned Rs 200 crore Series C round.
The board at Ecozen has passed a special resolution to issue 1,06,657 Series C2 CCPS at an issue price of Rs 7725.67 each to raise Rs 82.4 crore or $10 million, according to its regulatory filings with the Registrar of Companies (RoC).
Ecozen claims that it has deployed more than 450 units of Ecofrost whereas Ecotron is adopted by over 70,000 farmers.
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Ecozen
Headquartered in Pune, Ecozen was founded on-campus by three IIT Kharagpur alumni — Devendra Gupta, Prateek Singhal, and Vivek Pandey. Ecozen develops climate-smart deep tech solutions and core technology stacks including motor controls, IoT, and energy storage. Applying these technology stacks to the agricultural sector, Ecozen has built sustainable cold chain products, Ecofrost, and Ecotron for the irrigation industry. These products have reached one lakh farmers and improved their income using clean energy. Ecofrost is a solar-powered decentralized cold storage solution, which employs innovative thermal energy storage tech, and has over 450 units deployed.
Devendra Gupta, CEO and co-founder of Ecozen, said they were accelerating growth and taking their climate-smart deep-tech solutions to new sectors and the new funding would be used for expanding their product range, manufacturing capacity and boosting exports. “Expanding beyond India and beyond agriculture will enable us to expand our market potential multifold and grow exponentially while ensuring sustainability,” Gupta said.
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Agriculture startup Ecozen
Ecozen 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, Ecozen offers Ecofrost and Ecotron as solutions for cold chains and the irrigation industry to improving the income of over 100,000 farmers and enabling the generation of over one billion units of clean energy (kWh).
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Revenue
As per Marketmoney, estimates, the company has been valued at around Rs 370 crore or $45 million (post-allotment). After the flow of fresh money, Nuveen Global Fund became the largest stakeholder in the company with 28.90% while promoters: Devendra Gupta, and Prateek Singhal jointly hold 39.92%.
Previously, it raised $6 million in November 2019. The company’s operating income grew 66.3% and crossed the Rs 110 crore mark in the fiscal year ending March 2022. Meanwhile, the Pune-based firm was very close to breaking even in FY22 as its losses narrowed by 88.5% and stood at Rs 37 lakh.
Besides India, the firm has also executed successful pilots in Africa and Southeast Asian countries. In the ongoing fiscal year (FY23), it targets 2X growth in its topline.
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