Ecozen Secures Over $23 Million in Debt Funding
Ecozen, a deep tech startup focused on climate solutions, has successfully raised over $23 million in debt financing from esteemed investors such as responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, among others.
Last April, the Pune-based company had previously secured $30 million through a combination of debt and equity investments from Nuveen Global Fund and other partners. Additionally, Ecozen received $25 million led by Nuveen in January 2023.
The funds will primarily be allocated to enhance the scale of existing operations while advancing its initiatives in sustainable technologies.
About Ecozen
Founded by Devendra Gupta, Ecozen provides innovative climate-smart deep tech solutions along with essential technology stacks that encompass motor controls, IoT, and energy storage, all of which harness solar energy. The company’s primary offerings include:
- Ecotron
- Ecofrost
Ecozen has reported an impressive compound annual growth rate (CAGR) of over 83% in revenue growth over the past three years. To date, the company has produced more than 300,000 Ecotron solar pump controllers, with an impressive 100,000 units manufactured between March and December 2024 alone.
Financial Performance
According to various sources on startup data intelligence platforms, Ecozen’s revenue increased by 139% to Rs 293.24 crore in FY23 from Rs 122.57 crore in FY22. The company achieved profitability in FY23, reporting profits of Rs 5.76 crore compared to a loss of Rs 37 lakh in FY22. The annual report for FY24 is yet to be submitted.
Competitive Landscape
Ecozen faces competition from notable companies such as Powerflex, Inficold, and Khetworks.
The comprehensive product range offered by Ecozen includes:
- Ecotron
- Ecofrost
- Eco-Freeze
- Ecozen atta chakki
- Ecotron Omni
- E-bike controllers
This diverse portfolio caters to various industries and consumer needs.