The Pune-headquartered solar pump controller and solar cold storage solutions provider will use the funds to expand beyond India and tap business opportunities beyond agriculture.
Solar-powered cold storage as a service launched by Oorja in association with Ecozen
Pune-headquartered Ecozen has raised $25 million of combined equity and debt capital as it eyes export market for its agri-tech solutions and business opportunities beyond agriculture.
Ecozen, founded by IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal and Vivek Pandey, develops solar pump controller and solar cold storage solutions by leveraging pump controller, artificial intelligence and thermal energy storage technologies. By applying its deeptech solutions to the agricultural sector, Ecozen has revolutionised cold chains (through its Ecofrost product line) and the irrigation industry (through its Ecotron product line), improving the incomes of 120,000+ farmers and helping decarbonize agriculture. The company has helped generate over one billion units of clean energy (kWh), saved over 20,000 metric tons of food loss and reduced over 1 million tons of GHG emissions, stated Ecozen.
The company said its Series C equity portion was led by Nuveen and Dare Ventures (Coromandel International), with participation from Export-Import Bank of India, and existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management). Omnivore and IFA, early investors in Ecozen, achieved partial exits in this round. The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.
Ecozen will use the capital to accelerate its growth both domestically and internationally, where it aims to capitalise on a slate of successful projects by establishing itself as a trusted agri value chain participant in Africa and Southeast Asia. Ecozen will leverage Nuveen’s experience in scaling impact-oriented businesses to augment its commercial offering, and the funding from India Exim Bank will support the Company towards its export-related activities.
The Company is also looking beyond the agricultural sector to accelerate the broader energy transition through its deeptech expertise in energy storage, motor controls, IoT and analytics. The company estimates the market size for its innovative technology stacks in India to grow to $25 billion by 2025.
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