Business

Ecozen Secures $30M for Solar Agritech Expansion

Apr 19, 2024 1 min read

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Ecozen, a Pune-based agritech startup specializing in climate-smart deep tech solutions for agriculture, has raised $30 million in a mix of equity and debt. The funding round saw participation from Nuveen Global Fund and other existing investors, with additional debt financing from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC). The capital injection will enable Ecozen to scale up its production of solar-powered systems, such as irrigation and cold chain solutions, and to further develop its technology stack which includes advanced motor controls, IoT, and energy storage.

With a fivefold growth in the past two years and a tripling of profits, Ecozen is aiming to double its revenue in the current fiscal year. The startup's innovative solutions, including Ecotron and Ecofrost, have already made a significant impact in the agricultural sector by enhancing productivity for over 180,000 farmers and reducing greenhouse gas emissions by 2 million tonnes.

Looking forward, Ecozen plans to expand its market reach into Africa and Southeast Asia and to diversify into new sectors such as milling, mobility, retail, and industry. The funding will also help to meet the growing demand for its solar and related products, which accounted for 90% of its collections in the fiscal year ending 2023. The move is part of Ecozen's broader strategy to drive sustainable agricultural practices and contribute to the decarbonization of various industries.

#startups #environment #esg #tech #climate-change #entrepreneur

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