Climate Insider Brief:

• Coromandel International increased its stake in Ecozen by investing Rs 24 crore, raising its ownership from 3.13% to 5.54% through its subsidiary Dare Ventures.
• Ecozen specialises in climate-smart technologies such as solar-powered irrigation and cold chain systems, leveraging IoT, AI, and energy storage to enhance agricultural incomes and decrease food wastage.
• Ecozen achieved a turnover of Rs 274 crore in FY23 and plans to extend its market reach to Africa and Southeast Asia, aiming to accelerate the adoption of its innovative solutions for climate resilience in agriculture.

PRESS RELEASE – May 06, 2024 – Coromandel International has increased its stake in Ecozen, a climate-technology company, with an additional investment of Rs 24 crore.

With the investment made through its wholly owned subsidiary and venture capital arm Dare Ventures, Coromandel’s shareholding in Ecozen increased to 5.54% from 3.13%.

Ecozen is working in solar-powered irrigation and cold chain systems. It uses Internet of Things (IoT), AI and energy storage to improve agricultural incomes and reduce food waste, according to a release.

Ecozen registered a turnover of Rs 274 crore in FY23 and aims at expanding its market presence into Africa and Southeast Asia.

Devendra Gupta, co-founder and CEO of Ecozen, said, “We are confident in our ability to accelerate the adoption of climate-smart technologies.”

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SOURCE: Microsoft Start

Featured Image: Credit: Ecozen