Solar Cold Storage Company Ecozen Secures ₹540 Million Funding
Dare Ventures, an arm of Coromandel International, leads the new funding initiative
June 20, 2022
Pune-based solar cold storage solutions provider Ecozen announced that it had raised ₹540 million (~$6.93 million) as part of a planned ₹2 billion (~$25.67 million) Series C funding 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 Sathguru Catalyser’s Innovation in Food and Agriculture Fund (IFA fund) and Omnivore.
Ecozen develops climate-friendly solutions and core technology stacks, including motor controls, the Internet of Things (IoT), and energy storage. Applying these technology stacks to the agricultural sector, Ecozen has revolutionized cold chains (Ecofrost) and the irrigation industry (Ecotron), improving the income of more than 100,000 farmers and enabling the generation of over one billion units of clean energy.
Headquartered in Pune, Ecozen was founded on-campus by three IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal, and Vivek Pandey.
Ecofrost is the solar-powered decentralized cold storage solution, which employs innovative thermal energy storage technology, and has over 450 units deployed.
Backed by strong demand for its cold chain and irrigation products, Ecozen crossed ₹1 billion (~$12.84 million) in revenue in FY 2021-22
Ecozen said it sees a significant opportunity to apply its technology stacks and introduce 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 $25 billion by 2025.
Commenting on this latest fundraise, Devendra Gupta, CEO, and Co-Founder of Ecozen, said, “We are thrilled to partner with Dare Ventures and other new and existing investors as we accelerate our growth and bring climate-smart deep-tech solutions to new sectors of the economy. The new funding will be used for expanding our product range, manufacturing capacity and boosting exports. Expanding beyond India and beyond agriculture will enable us to expand our market potential multifold and grow exponentially while ensuring sustainability.”
In 2019, Ecozen raised $6 million in a Series A fundraise from Sathguru Catalyser’s Innovation in Fund and Agriculture Fund.