Ecozen to raise $12.6 Mn debt from UTI and Spark Investment

Ecozen, a deeptech startup, is raising Rs 111.6 crore (around $12.5 million) in debt funding from UTI International Wealth Creator and Spark Alternative Investment fund.

According to filings with the Registrar of Companies (RoC), Ecozen’s board approved on October 31 the issue of 616 non-convertible debentures (NCDs) worth ₹10 lakh each to UTI International Wealth Creator 4. The board also approved the allotment of 500 NCDs to Spark Alternative Investment Firm.

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In its filings, the startup said it will use the new funds to meet immediate capital needs and support business growth.

Founded in 2010 by Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen provides solar-powered solutions for small and marginal farmers. Its products include solar water pumps, cold storage units, air conditioners, and rooftop solar panels.

As of January 2025, the company says it has produced over 3 lakh Ecotron solar pump controllers, with 1 lakh of them manufactured between March and December 2024.

So far, Ecozen has raised $76.4 million in total funding, led by its main investor, Nuveen. In January this year, the company secured $23 million in debt from responsAbility Investments AG, Northern Arc Capital, Maanaveeya Development & Finance, and other investors.

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