Ecozen, a Climate-Smart technology solutions provider leveraging AI, IoT
Coromandel International, a prominent player in India’s agricultural solutions sector, has announced a significant increase in its investment in Ecozen, a leading climate-smart technology solutions provider. Through its corporate venture capital arm Dare Ventures, Coromandel has injected Rs 24 crores into Ecozen, elevating its shareholding to 5.54%, marking a notable increase of 3.13%. This increased investment will be used to further develop and scale Ecozen’s innovative solutions, such as the solar-powered irrigation system (Ecotron) and cold chain systems (Ecofrost). Specifically, we plan to invest in research and development to enhance the performance and efficiency of these solutions, expand our manufacturing capabilities by setting up new production facilities and upgrading existing ones, and strengthen our sales and marketing efforts to reach more farmers. These initiatives have already positively impacted over 180,000 farmers across India, and we believe that with this increased investment, we can extend these benefits to even more farmers.
Increased Shareholding Reflects Confidence in Ecozen
Ecozen, with its innovative and sustainable solutions, has brought about a remarkable transformation in the lives of over 180,000 farmers across India. For instance, its solar-powered irrigation system (Ecotron) has not only reduced water usage by 30% but also increased crop yields by 20%, leading to a significant boost in agricultural incomes. Similarly, its cold chain systems (Ecofrost) have slashed post-harvest losses by 40%, ensuring that farmers receive better prices for their produce. With a turnover of Rs 274 crores in FY23 and a quintupling of growth over the last three years, Ecozen’s success is a testament to the growing consumer acceptance and demand for sustainable agricultural solutions, instilling a sense of hope and optimism for a brighter future in the farming sector.
Collaboration to Drive Adoption of Sustainable Technologies
Jayashree Satagopan, President of Corporate & CFO at Coromandel International, expressed the company’s strong alignment with Ecozen’s vision of positively impacting farmers’ livelihoods. She underscored the shared commitment to building a bright and sustainable future, which forms the solid foundation of this partnership. While we acknowledge the potential risks and challenges associated with this increased investment, such as market volatility and regulatory changes, our shared vision and commitment give Coromandel confidence in Ecozen’s ability to create long-term value for stakeholders, reassuring them about the long-term viability and sustainability of this investment.
Devendra Gupta, CEO and Co-Founder of Ecozen, expressed his gratitude for Dare Ventures’ continued support and investment, recognizing their pivotal role in expanding Ecozen’s impact and reach. With Coromandel’s increased backing, Ecozen is poised to accelerate the adoption of climate-smart technologies in India and globally. This ambitious goal inspires us all, as it has the potential to empower farmers worldwide and foster sustainable growth on a global scale.
The strengthened partnership between Coromandel International and Ecozen signifies a concerted effort towards driving innovation and sustainability in agriculture. By leveraging advanced technologies and strategic investments, the collaboration aims to revolutionize farming practices, mitigate environmental impact, and enhance farmers’ livelihoods. This transformation is not just local but global and is expected to reduce greenhouse gas emissions and food losses, create new job opportunities, and stimulate economic growth in the agricultural sector. As the world increasingly embraces climate-smart solutions, initiatives like these inspire us all, paving the way for a more resilient and sustainable future.
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