Ecozen, a leader in climate-smart technology solutions, announced that it has raised USD 30 million in a mix of debt and equity.
This infusion of capital includes continued support from Nuveen and other existing equity investors and new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC) through Ecozen’s exclusive advisor Setuka Partners LLP.
The most recent fundraising round will be utilised to support Ecozen’s continued dedication to climate-smart technology as well as to meet the rising demand for its cutting-edge goods.
“Ecozen is on an accelerated growth path, driven by the increased market demand for our pioneering climate-smart solutions,” said Devendra Gupta, CEO and Co-Founder of Ecozen. “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. I thank our investors, Nuveen and other existing equity investors, for their continued support which will help us cater to the present opportunity. We are also happy to have institutions like the DFC and InCred partner with us in our journey of catalysing climate-smart solutions for agriculture and other key sectors in the future.” Devendra Gupta, CEO and Co-Founder of Ecozen.
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“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 and Head of Private Equity Impact Investing at Nuveen. “Ecozen’s continued growth and innovation exemplify the type of transformative impact we aim to achieve through our investments, paving the way for a sustainable and inclusive low-carbon economy.” Rekha Unnithan, Managing Director and Head of Private Equity Impact Investing at Nuveen.
The company has grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year, buoyed by strong demand for existing products and plans to leverage its tech stack of advanced motors and controls, thermal energy storage, AI and IoT to enter new segments undergoing a transition to cleaner energy sources.
“We like Ecozen’s proven product and execution track record, and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments. “The opportunity in India and other developing markets is huge and we are excited to partner with Ecozen in its growth journey. The investment ties up well with our fund’s thesis on innovative cleantech solutions that can reach the masses.” Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments.
About Ecozen
Founded in 2010 by Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage.
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