Ecozen Secures $30 Million to Expand Climate-Smart Tech Solutions
The funding comes from a mix of debt and equity, with participation from existing investor Nuveen Global Fund and new debt support from InCred Credit Fund and the International Development Finance Corporation (IDFC). This latest round brings Ecozen’s total funding to approximately $70 million raised across debt and equity.
Expanding Reach and Product Offerings
Ecozen plans to leverage the new funding to expand its current product offerings and reach new markets. With a focus on Africa and Southeast Asia, the company aims to make its climate-smart deep tech solutions accessible to a wider audience.
Pioneering Sustainable Technology
Ecozen specializes in developing deep tech solutions that utilize solar power for various applications. Their core technology stacks include motor controls, Internet of Things (IoT) integration, and energy storage solutions. The company’s flagship products, Ecotron and Ecofrost, cater to diverse needs within the agricultural sector.
Impressive Growth Trajectory
Over the past two years, Ecozen has experienced impressive growth with a fivefold increase in overall size and a threefold increase in profits. Building on this momentum, the company anticipates doubling its revenue for the current fiscal year. Moving forward, they plan to leverage their advanced technology to venture into new market segments.
Decarbonizing Industries Beyond Agriculture
Ecozen’s vision extends beyond the agricultural industry. The company believes their solutions have the potential to decarbonize various sectors, including milling, mobility, retail, and general industry. They aim to replicate the success of their agricultural pumping and cooling solutions in these new areas.
Strong Financial Performance
Independent data from TheKredible, a startup data intelligence platform, reveals Ecozen’s significant financial growth. Between FY22 and FY23, their revenue surged by 139%, reaching Rs 293.24 crore. Solar and related products contribute to the majority of their revenue, accounting for 90% of their collections in FY23. Additionally, Ecozen turned a profit of Rs 5.76 crore in FY23, marking a significant turnaround from a loss of Rs 37 lakh in FY22.
A Competitive Landscape
Ecozen operates in a competitive market, facing challenges from players like Powerflex, Inficold, and Khetworks. However, their commitment to innovation and focus on climate-smart solutions position them well for continued growth and success.