Pune-based climate-tech startup Ecozen has raised over $23 million in debt funding from prominent investors such as responsAbility Investments AG, Northern Arc Capital Limited, and Maanaveeya Development & Finance Private Limited. This fresh funding comes after a successful $30 million round in April 2024, which combined both debt and equity contributions from Nuveen Global Fund and others. Earlier, in January 2023, Ecozen secured $25 million in funding, led by Nuveen.
The company will utilize this new investment to scale its existing operations and solidify its standing in the sustainable technology market. Ecozen, founded by Devendra Gupta, specializes in providing climate-smart solutions through its core technologies—motor controls, IoT, and energy storage systems, all powered by solar energy. Its key products include Ecotron and Ecofrost, which have become integral in advancing eco-friendly alternatives across industries.
Ecozen has demonstrated remarkable growth, with the company reporting an impressive compound annual growth rate (CAGR) of over 83% in revenue over the past three years. The company’s flagship product, the Ecotron solar pump controller, has been a significant driver of its success, with over 300,000 units manufactured to date. Remarkably, 100,000 of these units were produced between March and December 2024 alone, underscoring the rapid scale-up in demand for sustainable technologies.
Ecozen competes with other industry players like Powerflex, Inficold, and Khetworks in delivering smart, energy-efficient solutions. In addition to Ecotron and Ecofrost, Ecozen’s diverse product portfolio includes innovations such as Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers, each addressing a variety of environmental and industrial needs.
With the new funding, Ecozen is poised to expand its reach, innovate further, and contribute significantly to the fight against climate change through its advanced, solar-powered technologies.
