Climate-focused deeptech startup Ecozen secure $30 Million
Ecozen, a deeptech company that focuses on climate change, has secured $30 million from fresh loan assistance from InCred Credit Fund and International Development Finance Corporation (IDFC), as well as from Nuveen Global Fund and other current equity investors.
Climate-focused deeptech startup Ecozen secure $30 Million
The Pune-based business raised $25 million in January of last year with the help of Nuveen. Approximately $70 million has been raised thus far in debt and stock.
According to a news statement from the company, Ecozen intends to increase the scope of its present product offerings and conquer the markets in Africa and Southeast Asia.
Climate-focused deeptech startup Ecozen secure $30 Million
Ecozen provides core technology stacks, motor controls, Internet of Things, and solar-powered energy storage together with climate-smart deep tech solutions. The company’s two main offerings are Ecofrost and Ecotron.
The business boasts that throughout the last two years, it has grown 5X, with profits increasing by 3X as well. Ecozen intends to use its cutting-edge tech stack to establish itself in new markets and hopes to double its sales in the current fiscal year.
Climate-focused deeptech startup Ecozen secure $30 Million
In the same way as the company’s pumping and cooling solutions did for agriculture, Ecozen claimed that these solutions will decarbonize industries like milling, mobility, retail, and industrial.
Ecozen saw a 139% increase in sales, from Rs 122.57 crore in FY22 to Rs 293.24 crore in FY23, according to startup data intelligence platform TheKredible. Ninety percent of its revenue came from the sale of solar and related products in the fiscal year that ended in March 2023. In FY23, the company recorded earnings of Rs 5.76 crore, up from a loss of Rs 37 lakh in FY22. The company has not yet submitted its FY24 annual report.
