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Agri-focused deeptech startup Ecozen raises $30 Mn

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Agriculture-focused deeptech startup Ecozen has raised $30 million in a mix of debt and equity from Nuveen Global Fund and other existing equity investors, and new debt support from InCred Credit Fund and International Development Finance Corporation (IDFC). In January last year, the Pune-based startup secured $25 million led by Nuveen. It has raised around $70 million across debt and equity to date. Ecozen plans to expand its current offerings and extend its market reach to Africa and Southeast Asia, the company said in a press release. Ecozen offers climate-smart deep tech solutions and core technology stacks including motor controls, IoT, and energy storage that leverage solar power. The company has two core products Ecotron and Ecofrost. The company claims to have grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, and plans to leverage its advanced tech stack to enter new segments. Ecozen added that these solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture. As per startup data intelligence platform TheKredible, Ecozen’s revenue surged by 139% to Rs 293.24 crore in FY23 from Rs 122.57 crore in FY22. The sale of solar and related products accounted for 90% of its collections in the fiscal year ending March 2023. The firm also turned profitable with Rs 5.76 crore profits in FY23 as compared to a loss of Rs 37 lakh in FY22. The firm is yet to file its annual report for FY24. Ecozen competes with Powerflex, Inficold and Khetworks.