The Pune-headquartered company had kicked off the planned funding round with a first tranche of about $6.5 million last June.
Other investors who participated in the round include the Indian government’s Exim Bank, agri-finance startup Samunnati, impact fund Caspian, Dutch fund Hivos-Triodos, impact lender Maanaveeya Development and Finance, small and medium business lender Oxyzo, and non banking finance company Northern Arc group.
Early investors Omnivore and Innovation in Food & Agriculture Fund (IFA Fund) scored partial exits with the new funding round, per a statement. The two had invested $6 million in Ecozen’s Series A round in December 2019.
Ecozen was founded in 2010 by three IIT Kharagpur alumni: Devendra Gupta, Prateek Singhal and Vivek Pandey. It develops climate-smart deeptech solutions for motor controls, IoT, and energy storage. With its cold-chain solution Ecofrost and irrigation solution Ecotron, Ecozen claims to have improved the incomes of over 120,000 farmers.
The startup also claims to have helped generate over 1 billion units of clean energy (kWh), prevented over 20,000 tonnes of food loss, and reduced over 1 million tonnes of GHG emissions.
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Ecozen now aims to expand internationally. It has projects in the African and Southeast Asian markets. The company is also working to introduce climate-smart solutions for non-agricultural sectors. It estimates the market size for its innovative technology stacks in India will grow to $25 billion by 2025.“As we expand beyond India and agriculture, we will continue to focus on sustainability. Both from the perspective of sustainable growth and sustainable technology solutions that impact our environment. Ecozen will aggressively expand production capacity, the product portfolio and market access through exports,” Gupta said.
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