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Climate tech startup Ecozen raises $23 Mn in debt

Entrackr · 22h

Climate-focused deeptech startup Ecozen has raised over $23 million in debt funding from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others. In April last year, the Pune-based startup had raised $30 million in a mix of debt and equity from Nuveen Global Fund and others. It also secured $25 million led by Nuveen in January 2023. The proceeds will be used to drive scale in its current businesses while furthering its position in sustainable technologies. Founded by Devendra Gupta, 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. Ecozen claims to have recorded a CAGR of over 83% in revenue growth over the past three years. The company has manufactured over 300,000 Ecotron solar pump controllers to date, with 100,000 units produced between March and December 2024 alone. 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 firm also turned profitable with Rs 5.76 crore profits in FY23 as compared to a loss of Rs 37 lakh in FY22. It is yet to file its annual report for FY24. Ecozen competes with Powerflex, Inficold and Khetworks. Its diverse product portfolio includes Ecotron, Ecofrost, Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers, catering to a range of industries and needs.