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Ecozen's latest funding round underscores its commitment to climate-focused innovation and global expansion

Ecozen, a Pune-based deeptech startup with a strong focus on climate solutions, has recently secured $30 million in funding, comprising a combination of debt and equity. The investment comes from Nuveen Global Fund, existing equity investors, and new debt support from InCred Credit Fund and the International Development Finance Corporation (IDFC). This funding round marks another significant milestone for Ecozen, bringing its total funding to approximately $70 million, combining both debt and equity financing.

The startup, which previously raised $25 million led by Nuveen in January last year, is now poised for expansion, with plans to broaden its offerings and extend its market presence to Africa and Southeast Asia. According to a press release from the company, Ecozen intends to leverage its innovative technology stacks, which include motor controls, IoT, and energy storage powered by solar energy, to drive its growth strategy.

At the core of Ecozen's offerings are its two flagship products: Ecotron and Ecofrost. These solutions utilize cutting-edge technology to provide climate-smart solutions, particularly in sectors such as milling, mobility, retail, and industry. Much like its previous success in agricultural solutions with pumping and cooling technologies, Ecozen aims to decarbonize various sectors with its latest offerings.

The startup has experienced remarkable growth over the past two years, boasting a fivefold increase in revenue and a threefold increase in profits. In the fiscal year ending March 2023, Ecozen reported a staggering 139% surge in revenue, reaching Rs 293.24 crore compared to Rs 122.57 crore in the previous fiscal year. Notably, the sale of solar and related products accounted for 90% of its revenue in FY23. Moreover, Ecozen achieved profitability, recording Rs 5.76 crore in profits in FY23, a significant turnaround from the Rs 37 lakh loss incurred in FY22.

Ecozen's impressive financial performance and innovative solutions have positioned it as a formidable player in the deeptech landscape. Despite competition from companies like Powerflex, Inficold, and Khetworks, Ecozen stands out for its focus on sustainability and its ability to deliver tangible results.

As the company continues to chart its growth trajectory, its latest funding injection will undoubtedly fuel its expansion efforts and enable it to further its mission of driving positive environmental impact through technology innovation. With eyes set on new markets and continued product development, Ecozen is poised to lead the charge towards a more sustainable future.


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