Local weather-smart deeptech startup Ecozen has raised INR 54 crore further funding as the primary share of a deliberate INR 200 crore Sequence C spherical. The brand new funding spherical was led by Dare Ventures, the enterprise capital arm of Coromandel Worldwide, with participation from present buyers Caspian and Hivos-Triodos Fonds (managed by Triodos Funding Administration) by means of fairness. Northern Arc, UC Inclusive Credit score, Maanaveeya, and Samunnati additionally participated with debt funding.
“We’re thrilled to accomplice with Dare Ventures and different new and present buyers, as we speed up our progress and produce climate-smart deeptech options to new sectors of the economic system,” stated Devendra Gupta, CEO and Co-Founding father of Ecozen. “The brand new funding will probably be used for increasing our product vary, manufacturing capability and boosting exports. Increasing past India and past agriculture will allow us to broaden our market potential multifold and develop exponentially whereas making certain sustainability.”
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Headquartered in Pune, Ecozen was based on-campus by three IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal & Vivek Pandey. Ecozen develops climate-smart deeptech options and core expertise stacks to ship a sustainable future, together with motor controls, IoT, and vitality storage. Making use of these expertise stacks to the agricultural sector, Ecozen has revolutionized chilly chains (Ecofrost) and the irrigation business (Ecotron), considerably enhancing the revenue of 100,000+ farmers and enabling the technology of over 1Bn items of fresh vitality(kWh).
Ecozen was EBITDA optimistic in FY2021-22 and in addition recorded INR 100 crore in income. Ecozen has additionally executed profitable pilots overseas and has been capable of construct sturdy demand in Africa and Southeast Asian nations. In consequence, it’s on observe to greater than double its gross sales in FY2022-23. Progress will come from scaling up present companies and increasing past the Indian market.
“This funding marks the entry of Dare Ventures and Coromandel into the agritech funding house.” He added, “We aspire to construct a powerful portfolio of such extremely transformational startups working at totally different ranges of the agricultural worth chain and thus making a exceptional affect on the farmers’ livelihoods,” stated Sameer Goel, Director, Dare Ventures Ltd.
