Climate-focused deep-tech startup Ecozen has raised $30 million in a mix of debt and equity from Nuveen Global Fund and other existing equity investors, as well as new debt support from the InCred Credit Fund and the International Development Finance Corporation (IDFC).
In January last year, the Pune-based startup secured $25 million, led by Nuveen. It has raised around $70 million across debt and equity to date.
Ecozen plans to expand its current offerings and extend its market reach to Africa and Southeast Asia, the company said in a press release.
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Founded in 2010, by Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen offers climate-smart deep-tech solutions and core technology stacks including motor controls, IoT, and energy storage that leverage solar power. The company has two core products Ecotron and Ecofrost.
The company claims to have grown 5X over the last two years, with profits growing 3X as well. Ecozen anticipates doubling its revenue in the current fiscal year and plans to leverage its advanced tech stack to enter new segments.
Ecozen added that these solutions will decarbonise sectors like milling, mobility, retail and industry, just as the company’s pumping and cooling solutions did for agriculture.
