Agritech start-up Ecozen raises $30M from Nuveen & other investors

Ecozen, an agritech startup based in Pune, has announced that it has secured $30 million in funding through a combination of debt and equity.

This investment round sees continued support from Nuveen and other existing investors, alongside new debt backing from InCred Credit Fund and the US International Development Finance Corporation, facilitated by Ecozen’s exclusive advisor Setuka Partners LLP.

The funding injection will fuel Ecozen’s efforts to meet the increasing demand for its solar-powered agricultural solutions, such as cold storage units and irrigation systems. Additionally, it aims to broaden its product range and strengthen its presence in Africa and Southeast Asia.

Devendra Gupta, CEO and Co-Founder of Ecozen, emphasized the company’s accelerated growth trajectory, driven by rising market interest in their innovative climate-smart solutions. He highlighted the capital’s role in scaling operations and expanding market reach, both domestically and internationally, with a focus on facilitating the global adoption of climate-smart technologies.

Founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey, alumni of IIT Kharagpur, Ecozen assists farmers cultivating perishable crops in increasing yields, prolonging produce shelf life, and fetching better prices.

The company reports a fivefold growth over the past two years, with profits tripling during the same period. Expectations are set for a doubling of revenue in the current fiscal year, driven by strong demand for existing offerings.

Ecozen plans to leverage its technological arsenal, encompassing motors and controls, thermal energy storage, AI, and IoT, to explore new sectors transitioning to cleaner energy sources. In a Series C round in December 2022, the startup raised $25 million, led by Nuveen and Dare Ventures, with participation from India EXIM Bank and existing investors, resulting in partial exits for early backers Omnivore and IFA.