Climate Insider Brief:
- Ecozen, a Pune-based deeptech startup focusing on climate change solutions, recently secured a $30 million debt and equity round led by InCred Credit Fund and International Development Finance Corporation (IDFC), matched by Nuveen Global Fund and existing investors.
- This adds to the $25 million raised with Nuveen last year, bringing the total debt and equity raised to approximately $70 million.
- With this latest funding, Ecozen aims to expand its product range and geographical reach, particularly targeting Southeast Asia and Africa.
PRESS RELEASE – April 23, 2024 – The $30 million debt and equity round led by InCred Credit Fund and International Development Finance Corporation (IDFC) has been matched by Nuveen Global Fund and other current equity investors in the deeptech startup Ecozen, which focuses on climate change.
The Pune-based startup raised $25 million in January of last year with the help of Nuveen. Approximately $70 million has been raised thus far in debt and equity.
According to a press release from the company, Ecozen intends to increase the range of products it offers and expand into Southeast Asia and Africa.
Ecozen provides deep tech solutions that are climate-smart, as well as core technology stacks that include IoT, motor controls, and solar-powered energy storage. Ecofrost and Ecotron are the company’s two main products.
Over the previous two years, the company claims to have grown 5X, with profits growing 3X as well. In the current fiscal year, Ecozen hopes to double its revenue and expand into new markets by utilizing its cutting-edge tech stack.
According to Ecozen, these solutions will decarbonize industries like manufacturing, transportation, retail, and milling in the same way that the company’s cooling and pumping solutions did for agriculture.
Ecozen’s revenue increased to Rs 293.24 crore in FY23 from Rs 122.57 crore in FY22, a 139% increase, according to the media. 90% of its revenue for the fiscal year that ended in March 2023 came from the sale of solar and related products. With profits of Rs 5.76 crore in FY23 compared to a loss of Rs 37 lakh in FY22, the company also became profitable. FY24 annual report for the company has not yet been filed.
Powerflex, Inficold, and Khetworks are competitors of Ecozen.
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SOURCE: Incubees
Featured Image: Credit: Ecozen
