Ecozen, a Pune-based climate-focused deep-tech startup, has raised $30 million in debt and equity financing. Nuveen Global Fund and other existing equity investors participated in the funding round. Additionally, Ecozen secured new debt support from the InCred Credit Fund and the International Development Finance Corporation (IDFC).
This recent infusion of capital follows Ecozen’s previous funding round in January last year, where it raised $25 million led by Nuveen. The company has amassed $70 million in debt and equity financing with this latest round.
According to a press release, the startup aims to use the funds to bolster its current offerings and expand its market presence to Africa and Southeast Asia.
Ecozen specializes in providing climate-smart deep tech solutions, leveraging core technology stacks such as motor controls, IoT, and solar-powered energy storage. Its product portfolio includes two core offerings: Ecotron and Ecofrost.
Over the past two years, Ecozen claims to have experienced a fivefold growth, with profits soaring threefold during the same period. The company is optimistic about doubling its revenue in the current fiscal year and intends to leverage its advanced technology stack to penetrate new market segments.
In its announcement, Ecozen emphasized that its solutions will play a crucial role in decarbonizing various sectors, including milling, mobility, retail, and industry, much like its pumping and cooling solutions have already done for agriculture.
Ecozen faces competition from other players in the deep tech space, such as Powerflex, Inficold, and Khetworks.
With this latest funding round, Ecozen is poised to further cement its position as a critical player in the climate-focused deep-tech industry while continuing its mission to drive sustainable innovation worldwide.
