ResponsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and other investors have contributed more than $23 million to the debt financing of the climate-focused deeptech startup Ecozen.
The Pune-based startup raised $30 million from Nuveen Global Fund and other investors in April of last year. In January 2023, it also raised $25 million under Nuveen’s leadership.
The money raised will help the company expand its current operations and strengthen its position in sustainable technologies.
Devendra Gupta founded Ecozen, which provides climate-smart deep tech solutions and core technology stacks like solar-powered energy storage, motor controls, and the Internet of Things. Ecofrost and Ecotron are the company’s two main products.
Ecozen asserts that during the last three years, its revenue has grown at a CAGR of more than 83%. To date, the business has produced over 300,000 Ecotron solar pump controllers, with 100,000 of those units being produced between March and December of 2024.
According to media, Ecozen’s revenue increased from Rs 122.57 crore in FY22 to Rs 293.24 crore in FY23, a 139% increase. In FY23, the company made Rs 5.76 crore in profits, up from a loss of Rs 37 lakh in FY22. It has not yet submitted its FY24 annual report.
Powerflex, Inficold, and Khetworks are competitors of Ecozen.
Ecotron, Ecofrost, Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers are among its varied product offerings, which serve a variety of markets and requirements.
