Agritech Firm Ecozen Raises $30 Million From Nuveen, Others
The company plans to utilise the funds to cater to the increasing demand for solar-powered agricultural systems, including cold storage rooms and pump controllers.
Ecozen, an agritech firm based in Pune, has raised $30 million, or about Rs 250 crore, in a combination of equity and debt. The funds were raised from existing investors, including Nuveen, with debt support by InCred Credit Fund and US International Development Finance Corporation through Ecozen’s advisor Setuka Partners, the company said in a statement.
The company plans to utilise the funds to cater to the increasing demand for solar-powered agricultural systems, including cold storage rooms and pump controllers. Ecozen said it is counting on a robust market for its current products, and has plans to use a tech stack that includes sophisticated motors and controls, thermal energy storage, artificial intelligence and internet of things to enter new segments that are transitioning to cleaner energy sources.
The company will deploy these solutions with the aim of decarbonising sectors such as milling, retail, mobility and industry.
“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale," said Devendra Gupta, CEO and co-founder of Ecozen.
The company said it will expand its offerings and market presence in Africa and Southeast Asia.
Founded by IIT Kharagpur alumni Gupta, Prateek Singhal and Vivek Pandey, Ecozen develops deeptech solutions for motor controls, energy storage and IoT. Its products include irrigation solution Ecotron and cold-chain solution Ecofrost.
“Supporting companies like Ecozen aligns perfectly with Nuveen’s commitment to invest in businesses that have a profound impact on climate change mitigation and resilience,” said Rekha Unnithan, managing director, Nuveen.
