Ecozen Bags $30 Million to Advance Solar Solutions for Marginal Farmers

• ByStartupStory     |    April 19, 2024

Ecozen, a pioneering deep tech firm specializing in eco-friendly solutions for agriculture, announced today the successful securing of $30 million (approximately INR 249 crore) in a combination of equity and loan funding. The investment underscores a significant stride forward in the company’s mission to empower small and marginal farmers through innovative solar-powered technologies.

Led by existing investor Nuveen, the equity round saw participation from various stakeholders, while InCred Credit Fund and the US International Development Finance Corporation provided financing through loans. This infusion of capital is earmarked for bolstering product development and fostering innovation within the organization.

In a statement released today, Devendra Gupta, Co-founder of Ecozen, expressed enthusiasm about the prospects the funding brings, stating, “The funds raised will allow us to expand our activities and increase our market penetration in both domestic and international countries. We are committed to empowering customers and accelerating the global transition to climate-smart technologies.”

Ecozen, founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey, has been at the forefront of revolutionizing agricultural practices with its groundbreaking solutions. Their flagship products, Ecotron and Ecofrost, have earned widespread acclaim for their efficacy in agricultural irrigation and cold chain preservation, respectively.

“We have witnessed tremendous growth over the past few years, with our profits tripling and sales increasing fivefold,” Gupta added, underscoring the company’s commitment to sustainable progress.

Ecozen’s innovative offerings have not only boosted the incomes of over 180,000 farmers but have also made significant strides in reducing greenhouse gas emissions and preventing food loss. Leveraging superior motor control, IoT, and energy storage technology, the company has emerged as a beacon of sustainability in the agricultural landscape.

Furthermore, with plans to expand into new markets in Africa and Southeast Asia, Ecozen is poised to amplify its impact on a global scale. “We intend to utilize our technology stack of superior motors and controls, thermal energy storage, AI, and IoT to reach new markets as they convert to cleaner energy sources,” Gupta affirmed.

This funding round follows Ecozen’s successful raise of $31.4 million in two rounds in 2022, during which the company laid out its ambitions for business expansion and strengthening of export-related activities. With backing from esteemed investors such as Omnivore, HDFC Bank, Axis Bank, and Northern Arc Group, Ecozen is well-positioned to spearhead the transition towards sustainable agricultural practices.

As Ecozen continues to push the boundaries of innovation, its commitment to empowering farmers and fostering environmental sustainability remains unwavering.

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