Pune-based deeptech startup Ecozen has raised $25 million in a mix of equity and debt led by Nuveen and Dare Ventures (Coromandel International).
The Series C round also saw participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management).
Maanaveeya Development and Finance, Oxyzo, Northern Arc group, HDFC Bank, and Axis Bank led the debt funding.
Founded by IIT Kharagpur alumni Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen develops smart climate solutions using deep tech for motor controls, the internet of things (IoT), and energy storage.
The startup plans to use the fresh funds to expand its global footprint, particularly in Africa and Southeast Asia. It deploys its technology stacks to the agricultural sector, majorly in cold chains via its Ecofrost product line and in the irrigation industry via the Ecotron product line.
“As we expand beyond India and agriculture, we will continue to focus on profitable growth and sustainable technology solutions. Ecozen will aggressively expand production capacity and product range,” said Devendra Gupta, co-founder and chief executive officer at Ecozen.
“Ecozen, with its innovative clean technology solutions, has potential in international markets. The support from India Exim Bank will boost the company’s efforts to enhance its export capabilities and explore additional business opportunities overseas,” said Harsha Bangari, managing director at Export-Import Bank of India.