Agritech and agri infra-focussed startup Ecozen Wednesday said it has raised over $23 million in debt capital to support its growth plans.
The investors include Swiss impact investment firm responsAbility Investments AG, domestic non-banking lender Northern Arc Capital Limited, global development financial institution Oikocredit’s India arm Maanaveeya Development & Finance Private Limited, and others.
Ecozen will use the fresh capital to scale its flagship solutions, including Ecotron, Ecofrost, and advanced motor control systems, it said in a statement
“This funding will help us reach more people, expand our operations, and strengthen our impact in India and beyond,” said Devendra Gupta, chief executive and Co-Founder of Ecozen.
Ecozen provides solar-powered systems to small and marginal farmers in India. Its products Ecotron and Ecofrost are deployed in the agricultural irrigation and cold chain industries, respectively. Its tech stack includes advanced motors and controls, thermal energy storage, and AI and IoT devices, among others.
The latest funding comes less than nine months after Ecozen raised Rs 24 crore from its existing investor Coromandel International Ltd, a homegrown agri solutions company in May 2024, when it was valued at $100 million. In May, it had raised $30 million (Rs 250 crore) in a mix of debt and equity from existing investors, including asset management firm Nuveen, InCred Credit Fund and the US International Development Finance Corporation (DFC).
Ecozen was founded by three IIT Kharagpur alumni--Devendra Gupta, Prateek Singhal and Vivek Pandey--in 2010. It had also raised $25 million in early 2023 and $6 million from Sathguru Catalyser Advisors and Omnivore in December 2019.
The startup’s operating revenue jumped 56% in the last financial year to Rs 458.5 crore, while its profit after jumped three-fold to Rs 20.19 crore.