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Climate tech startup Ecozen raises $23 Mn in debt

EntrackrEntrackr · 7m ago
Climate tech startup Ecozen raises $23 Mn in debt
Medial

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.

Agri-focused deeptech startup Ecozen raises $30 Mn

EntrackrEntrackr · 1y ago
Agri-focused deeptech startup Ecozen raises $30 Mn
Medial

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.

Metalbook raises Rs 25 Cr debt from Northern Arc

EntrackrEntrackr · 1y ago
Metalbook raises Rs 25 Cr debt from Northern Arc
Medial

Full-stack metal supply-chain platform Metalbook has raised Rs 25 crore or (approximately $3 million) from Northern Arc. This is the first debt financing for the Delhi-based company. In February 2024, it raised $15 million led by Rigel Capital in Series A round. Metalbook’s board passed a special resolution to issue 250 non-convertible debentures at a face value of Rs 10,00,000 each to raise the above-mentioned sum, its regulatory filing sourced from Registrar of companies (RoC) shows. Founded in 2021, Metalbook is a full stack platform which helps businesses including SMEs with procurement, inventory liquidation, logistics, and credit among others. It claims to work with over 500 manufacturers, dealers and suppliers such as ArcelorMittal Nippon Steel, Tata Steel and JSW across 16 countries. In August last year, Axilor had led a $5 million seed round in Metalbook. The Delhi-based company is yet to disclose FY23 numbers but its revenue from operations stood at Rs 85.39 crore in FY22. Its losses also increased to Rs 25.90 crore in the same period. At the time of its Series A round in February, Metalbook said that it’s anticipating to achieve an annualized revenue run rate of $200 million by the end of FY24.

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