Climate-Tech Company Ecozen Raised over $23 million in Debt Funding

Pune-based company Ecozen has raised over $23 million in debt funding from Zurich-based responsAbility Investments AG, and financial companies Northern Arc Capital Limited and Maanaveeya Development & Finance Private Limited.

Founded in 2010 by graduates from IIT Kharagpur, Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen has developed climate-smart solutions to improve agricultural productivity by leveraging renewable energy.

Ecozen’s two main products include solar-powered pump controllers, Ecotron and solar-based cold storage solutions, Ecofrost. 

India is a leading producer of fruits and vegetables, which are highly perishable commodities if not stored properly. Farmers generally have to sell their stock immediately or store it at cold storage facilities far from their location.

The company’s Ecofrost cold storage solution provides relief to farmers as it increases the shelf life of perishable food items, reduces food waste, and increases farmer incomes. Furthermore, solar-powered Ecofrost does not rely on traditional fuel-based cold storage systems, helping farmers save costs and reducing carbon emissions.

The solar pump controller system, Ecotron provides reliable and emission-free irrigation to farmers without worrying about power cuts. 

Recently, the company extended beyond agriculture, as it developed an AI-powered module that monitors EV batteries and motors. The solutions are also integrated with IoT and sensors that provide real-time monitoring, and analytics and ensure early detection of potential issues. 

This is the third time the company has raised funding in the last 2 years, in April 2024, the startup had raised $30 million in a mix of debt and equity from Nuveen Global Fund and others. In January 2023, the company raised $25 million in equity and debt capital in its series C round.

The company seeks to use the funds to scale its current businesses and expand its offerings and presence into other geographies like Africa and Southeast Asia. 

Ecozen was on the annual list of Change Started 11 Green Startups of the Year 2023.