Ecozen has secured USD 30 million in funding through a combination of debt and equity. The investment round includes continued backing from existing equity investors like Nuveen, along with new debt support from InCred Credit Fund and the U.S. International Development Finance Corporation (DFC), facilitated by Ecozen's advisor Setuka Partners LLP.
Growth Trajectory and Market Expansion
The influx of capital comes at a crucial juncture for Ecozen, which has witnessed exceptional growth over the past two years, with a fivefold increase in overall business and a tripling of profits. The company is poised to double its revenue in the current fiscal year, driven by robust demand for its existing products. Leveraging its advanced technology stack comprising motors and controls, thermal energy storage, AI, and IoT, Ecozen aims to enter new sectors transitioning towards cleaner energy sources.
Addressing Climate Change Across Industries
Ecozen's innovative solutions have already made significant strides in decarbonizing sectors such as agriculture, and now the company is eyeing opportunities in milling, mobility, retail, and industry. Similar to its success in agriculture with pumping and cooling solutions, Ecozen plans to extend its impact to new markets, notably in Africa and Southeast Asia.
Pioneering Impact in Agriculture
Ecozen has been at the forefront of transforming agriculture in India with its solar-powered technologies. Products like Ecotron and Ecofrost have revolutionized irrigation and cold chain practices, benefiting over 180,000 farmers. These clean energy solutions not only boost farmers' incomes but also contribute to substantial environmental gains, having reduced greenhouse gas emissions by 2 million tonnes and prevented more than 50,000 metric tons of food loss.
Vision for Future Growth
Devendra Gupta, CEO and Co-Founder of Ecozen, expressed confidence in the company's growth trajectory, emphasizing the importance of this capital infusion to scale operations and deepen market presence globally. Gupta highlighted Ecozen's commitment to accelerating the adoption of climate-smart technologies worldwide.
Key investors like Nuveen, InCred, and DFC underscored their support for Ecozen's mission. Rekha Unnithan from Nuveen emphasized the transformative impact of Ecozen's growth on climate change mitigation and resilience. Saurabh Jhalaria of InCred praised Ecozen's track record and its alignment with India's sustainable initiatives. James Polan from DFC highlighted the project's potential to enhance agricultural productivity and reduce emissions in India.
