Equity and debt financing totaling $25 million have been raised by Ecozen. The Export-Import Bank of India (India EXIM Bank), Caspian, and Hivos-Triodos Fonds participated in the Series C equity portion, which was led by Nuveen and Dare Ventures (Coromandel International).
Early Ecozen investors Omnivore and IFA saw partial exits in this round. Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank, and Axis Bank all contributed to the debt part, as per reported by BW Disrupt.
“We are thrilled to successfully close this round and are excited to bring Nuveen, India Exim Bank, as well as other new investors, on board,” said Devendra Gupta, CEO and Co-Founder at Ecozen. “As we expand beyond India and agriculture, we will continue to focus on profitable growth and sustainable technology solutions. Ecozen will aggressively expand production capacity and product range.”
Rekha Unnithan, Managing Director and Co-Head of Private Equity Impact Investing at Nuveen. “Ecozen has built products that do all three simultaneously – replacing diesel water pumps and fossil-fuel dependent coolers, improving drought resiliency for smallholder farms, and increasing farmer incomes. With Ecozen’s proven expertise in delivering climate-smart technology solutions, while maintaining profitability, together we will exponentially grow their impact globally and beyond agriculture.”
“India Exim Bank through its Ubharte Sitaare Programme identifies Indian companies that are future champions with good export potential. Ecozen, with its innovative clean technology solutions, has potential in international markets. The support from India Exim Bank will boost the company’s efforts to enhance its export capabilities and exploring additional business opportunities overseas,” said Harsha Bangari, Managing Director at Export-Import Bank of India.
In order to create a sustainable future, Ecozen creates climate-smart deep tech solutions and core technology stacks, such as energy storage, IoT, and motor controls. Ecozen has revolutionised irrigation (Ecotron) and cold chains (Ecofrost) by using these technological stacks in the agricultural sector. As a result, the income of more than 100,000 farmers has increased significantly, and more than 1 billion units of clean energy have been produced (kWh).