Ecozen bags $23M in debt funding to fuel product growth
The round saw participation from impact investors including responsAbility Investments AG, Northern Arc Capital Limited, and Maanaveeya Development & Finance Private Limited.
Agriculture and climate technology startup Ecozen has raised over $23 million in debt funding to scale its existing product lines.
The round saw participation from impact investors including responsAbility Investments AG, Northern Arc Capital Limited, and Maanaveeya Development & Finance Private Limited.
"This funding will help us reach more people, expand our operations, and strengthen our impact in India and beyond," Devendra Gupta, CEO and Co-founder of Ecozen, said in a statement.
Founded in 2010 and headquartered in Pune, Ecozen specialises in advanced technology solutions for agriculture, including solar-powered irrigation systems and cold storage units. The company said its flagship products, Ecotron and Ecofrost, enhance productivity and reduce post-harvest losses, benefiting over a million farmers.
Last year, Ecozen reported a 57.2% rise in full-year revenue to Rs 464.45 crore compared with Rs 295.50 crore in 2023, helped by rising demand for its products, Ecotron and Ecofrost.
The company, which manufactures solar-powered systems, reported a 54.8% rise in its sale of products to Rs 377.14 crore. Revenue from its sale of services rose to Rs 81.31 crore compared with Rs 49.74 crore in the previous year.
Ecozen reported a 250% rise in its profit for the period to Rs 20.19 crore, compared with Rs 5.77 crore earned last year.
"Over the past four decades, Maanaveeya has supported businesses that drive social change and economic empowerment. Ecozen exemplifies the potential of innovative technology to solve real-world problems," highlighted Gouri Sankar, the Managing Director of Maanaveeya Development & Finance Private Limited.
Edited by Kanishk Singh