Ecozen, a climate-smart deep tech company based in Pune, has raised $25 million in a new funding round headed by Dare Ventures, the venture capital arm of Coromandel International, and Nuveen, the Chicago-based asset management owned by US pension fund TIAA.
Export-Import Bank of India (India EXIM Bank) and current investors Caspian and Hivos-Triodos Fonds took part in the round, which included a combination of stock and loan capital. Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank, and Axis Bank all contributed to the debt part. Early investors Omnivore and IFA in Ecozen made several partial withdrawals in this round.
Devendra Gupta, Prateek Singhal, and Vivek Pandey, former students at IIT Kharagpur, founded Ecozen, which creates climate-smart deep tech solutions for motor controls, the Internet of Things, and energy storage. It has developed products for the agriculture industry using the tech stack, such as the Ecotron solar-powered pump controller and the Ecofrost solar-powered cold storage system. According to the business, these solutions have prevented over 20,000 metric tonnes of food loss, generated over one billion kWh of renewable energy, and decreased around one million tonnes of GHG emissions.
The company is broadening its product offerings to include energy storage, motor controls, IoT, and analytics, in addition to the agricultural industry. By 2025, Ecozen projects that the Indian market for its cutting-edge technology stacks will reach $25 billion.
We will continue to emphasize profitable growth and environmentally friendly technological solutions as we extend outside India and agriculture. Ecozen’s CEO and co-founder, Devendra Gupta, announced that the company would aggressively increase its production capacity and product line.
Sustainable solutions are more critical than ever. Indian start-ups are ready to take the lead in creating cutting-edge solutions that will help lessen the consequences of climate change and create a more sustainable future, from renewable energy to sustainable agriculture. Enzia Ventures, a modernized mid-market venture capital firm, recently forecasted that by 2030, climate-tech investments in India will likely total $20 billion.