Ecozen sees a significant opportunity in applying its technology stacks and introducing climate-smart solutions for sectors beyond agriculture, notably electric vehicles.

June 16, 2022: Climate-smart deeptech startup Ecozen announced today that it has raised INR 54 crore of additional funding as the first tranche of a planned INR 200 crore Series C round. The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Early investors in Ecozen include IFA and Omnivore.

Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. Applying these technology stacks to the agricultural sector, Ecozen has revolutionized cold chains (Ecofrost) and the irrigation industry (Ecotron), substantially improving the income of 100,000+ farmers and enabling the generation of over 1Bn units of clean energy(kWh). Headquartered in Pune, Ecozen was founded on-campus by three IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal and Vivek Pandey.

Ecofrost is the world’s leading solar-powered decentralised cold storage solution, which employs innovative thermal energy storage tech, and has over 450 units deployed. Meanwhile, Ecotron is India’s leading solar pumping solution adopted by over 70,000 farmers which leverages embedded IoT, predictive analytics and advanced motor controls to help improve irrigation efficiency and agricultural profitability.

Ecozen sees a significant opportunity in applying its technology stacks and introducing climate-smart solutions for sectors beyond agriculture, notably electric vehicles. The company expects the market size for its innovative technology stacks in India will grow to USD 25 billion by 2025. In the coming years, Ecozen will launch multiple products which build on its deeptech expertise in thermal energy storage, motor controls, IoT, and analytics.

Detailed caption: (L-R): Vivek Pandey (CTO, Ecozen Solutions), Prateek Singhal (COO, Ecozen Solutions), Devendra Gupta (CEO, Ecozen Solutions), Sameer Goel (Director, Dare Ventures Ltd and MD, Coromandel International Limited), Jayashree Satagopan (Director, Dare Ventures Ltd and CFO, Coromandel International Limited), Rajkumar Chandrasekaran (Investment team – Dare Ventures Ltd), Ravikumar Nadiminti (Investment team – Dare Ventures Ltd).