Agriculture and climate technology startup Ecozen has successfully secured over $23 million in debt financing aimed at expanding its current product offerings. This funding round attracted support from impact investors such as responsAbility Investments AG, Northern Arc Capital Limited, and Maanaveeya Development & Finance Private Limited. The CEO and Co-founder of Ecozen, Devendra Gupta, indicated that this financial boost would allow the company to reach a broader audience, enhance its operations, and amplify its impact both in India and globally.
Founded in 2010 and based in Pune, Ecozen focuses on cutting-edge technological solutions for agriculture, including solar-powered irrigation systems and cold storage facilities. The company stated that its flagship products, Ecotron and Ecofrost, significantly enhance productivity and minimise post-harvest losses, benefiting over a million farmers.
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Also Read: Ecozen plans to raise $75M to fuel growth, increase market presence.
Last year, Ecozen reported a remarkable 57.2% increase in annual revenue, reaching Rs 464.45 crore, compared to Rs 295.50 crore in 2023. This growth was driven by heightened demand for its products, Ecotron and Ecofrost. The company, known for its solar-powered systems, experienced a 54.8% surge in product sales, amounting to Rs 377.14 crore. Furthermore, revenue from service sales rose to Rs 81.31 crore, up from Rs 49.74 crore in the previous year.
Ecozen recorded a notable 250% increase in profit for this period, reaching Rs 20.19 crore, compared to Rs 5.77 crore the previous year. Gouri Sankar, the Managing Director of Maanaveeya Development & Finance Private Limited, emphasised the impact of the past four decades by stating that Maanaveeya has continually supported businesses that promote social change and economic empowerment, with Ecozen representing the potential of innovative technology to address critical real-world challenges.