Agriculture-centric deeptech startup Ecozen has successfully raised $30 million in a combination of debt and equity, with contributions from Nuveen Global Fund and other existing equity investors. Additionally, it secured new debt backing from InCred Credit Fund and the International Development Finance Corporation (IDFC). Last January, this Pune-based startup secured $25 million, spearheaded by Nuveen. With this recent round, Ecozen has amassed approximately $70 million in both debt and equity financing to date.
In its latest funding announcement, Ecozen expressed intentions to broaden its current offerings and extend its market presence to Africa and Southeast Asia. The company’s portfolio comprises climate-smart deep tech solutions, underpinned by core technology stacks such as motor controls, IoT, and energy storage, all powered by solar energy. Ecozen’s flagship products include Ecotron and Ecofrost.
The company reported a remarkable growth of 5X over the past two years, with profits soaring 3X during the same period. It anticipates doubling its revenue in the current fiscal year and aims to tap into new market segments leveraging its advanced technology stack. Ecozen highlighted the potential of its solutions to decarbonize various sectors, citing its past success in transforming agriculture with pumping and cooling solutions.
According to insights from startup data intelligence platform TheKredible, Ecozen witnessed a staggering 139% surge in revenue, reaching Rs 293.24 crore in FY23 from Rs 122.57 crore in FY22. Notably, solar and related product sales contributed to 90% of its revenue in the fiscal year ending March 2023. Moreover, the company achieved profitability, recording profits of Rs 5.76 crore in FY23 compared to a loss of Rs 37 lakh in FY22. However, Ecozen is yet to release its annual report for FY24.
Ecozen faces competition from other players in the industry such as Powerflex, Inficold, and Khetworks.
