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Climate tech platform Ecozen raises $25 mn to expand beyond agriculture
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IANS | 25 Jan, 2023
Pune-based climate-tech startup Ecozen on Tuesday raised $25 million in
equity and debt capital in its Series C round, as it looks beyond
agriculture to expand into new deep-tech fields worldwide.
The
platform estimated that the market size for its sustainability focused
technology stacks in India to grow to $25 billion by 2025.
The
Series C equity portion was led by Nuveen and Dare Ventures (Coromandel
International), with participation from Export-Import Bank of India
(India EXIM Bank), and existing investors Caspian and Hivos-Triodos
Fonds (managed by Triodos Investment Management).
The debt portion was provided by Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank and Axis Bank.
The
company has helped generate over 1 billion units of clean energy (kWh),
saved over 20,000 metric tonnes of food loss and reduced over 1 million
tonnes of GHG emissions.
"As we expand beyond India and
agriculture, we will continue to focus on profitable growth and
sustainable technology solutions. Ecozen will aggressively expand
production capacity and product range," said Devendra Gupta, CEO and
Co-Founder at Ecozen.
Ecozen said it has revolutionised cold
chains (through its Ecofrost product line) and the irrigation industry
(through its Ecotron product line), improving the incomes of 120,000
farmers and helping decarbonize agriculture.
It will now
leverage Nuveen's experience in scaling impact-oriented businesses to
augment its commercial offering, and the funding from India Exim Bank
will support the Company towards its export-related activities.
The
company is looking beyond the agricultural sector to accelerate the
broader energy transition through its deeptech expertise in energy
storage, motor controls, IoT and analytics.
"With Ecozen's
proven expertise in delivering climate-smart technology solutions, while
maintaining profitability, together we will exponentially grow their
impact globally and beyond agriculture," said Rekha Unnithan, Managing
Director and Co-Head of Private Equity Impact Investing at Nuveen.
Harsha
Bangari, Managing Director at Export-Import Bank of India, said that
Ecozen, with its innovative clean technology solutions, has potential in
international markets.
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