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Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment

EntrackrEntrackr · 2m ago
Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment
Medial

Exclusive: Ecozen to raise Rs 111 Cr debt from UTI and Spark Investment Climate-focused deeptech startup Ecozen has raised Rs 111.6 crore (around $12.5 million) in debt funding from UTI International Wealth Creator and Spark Alternative Investment fund. According to its filing sourced from the Registrar of Companies (RoC), Ecozen’s board approved the issuance of 500 non-convertible debentures (NCDs) to Spark Alternative Investment Firm and 616 non-convertible debentures (NCDs) to UTI International Wealth Creator at a face value of Rs 10 lakh each to raise the amount as mentioned above. The proceeds will be used for immediate capital requirements for aiding the growth of the business. 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. Ecozen has raised $76.4 million in funding to date, with Nuveen as its lead investor. The company raised $23 million in debt in January this year from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others. The company is yet to file its financial results for FY25. However, in FY24, Ecozen’s revenue from operations grew to Rs 458 crore as compared to Rs 293 crore in FY23. At the same time, the firm’s profit increased to Rs 20 crore in 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.

Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge

EntrackrEntrackr · 4d ago
Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge
Medial

Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge Climate-focused deeptech startup Ecozen is raising Rs 95 crore (approximately $10.7 million) in debt funding from Momentum Capedge Limited. This is the third debt injection for the Pune-based company in the past 12 months. Before this, Ecozen had raised $12.5 million in debt from UTI International and Spark Capital, as well as $23 million from responsAbility Investments AG, Northern Arc Capital Limited, and others. The board at Ecozen has passed a special resolution for approval to issue 950 Series E non-convertible debentures (NCDs) at a face value of Rs 10 lakh each to raise Rs 95 crore, including a green shoe option of up to Rs 25 crore, according to its filing with the Registrar of Companies (RoC). According to the filing, the debentures carry an interest rate of 11.5% per annum with a tenure of 27 months, and the debt proceeds will be used for immediate capital requirements to aid the growth of the business. Founded by Devendra Gupta, Ecozen provides climate-smart deep-tech solutions built on core technology stacks such as motor controls, IoT, and energy storage, leveraging solar power. The company's key products include Ecotron (solar pump controller), Ecofrost (solar cold storage), solar AC, solar panels. According to startup data intelligence platform TheKredible, Ecozen has raised over $76 million to date through a mix of debt and equity. Nuveen Global and Omnivore are the company’s lead investors. For the fiscal year ended March 2025, the Pune-based company’s operating scale expanded over 2.3X to Rs 889 crore from Rs 377 crore in FY24, while profits surged 4.7X to Rs 95 crore. Ecozen competes with Powerflex, Inficold, and Khetworks.

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