Deeptech startup Ecozen, headquartered in Pune, was founded on campus by three IIT Kharagpur students: Devendra Gupta, Prateek Singhal and Vivek Pandey. It develops climate-smart deep-tech solutions and core technology stacks, including motor controls, IoT and energy storage, for what the co-founders call “a sustainable future.” By applying these technology stacks to the agricultural sector, Ecozen has gained a presence in the cold chain segment (Ecofrost) and the irrigation industry (Ecotron), significantly increasing the income of more than 100,000 farmers and generating more than a billion units. clean energy is possible. (kWh).
Ecofrost is a decentralized solar cold storage solution that uses innovative thermal energy storage technology, and more than 450 units have been deployed to date. Ecotron is a solar-powered pumping solution that uses embedded IoT, predictive analytics and advanced motor controls to help improve irrigation efficiency and agricultural profitability, which has been adopted by more than 70,000 farmers to date.
Buoyed by strong demand for its cold chain and irrigation products, Ecozen exceeded sales of Rs 100 crore in FY2021-22 and was Ebitda positive. It has also conducted successful pilots abroad and generated demand in African and Southeast Asian countries. It is on track to more than double its revenue in FY2022-23 and become highly profitable, the company’s co-founders say, with scaling of existing businesses and expansion into overseas markets likely to support future growth.
Recently, Ecozen announced that it had raised Rs 54 crore in additional funding as the first tranche of a planned Rs 200 crore Series C round. Devendra Gupta, CEO and co-founder of Ecozen, said: “The new funding will be used to expand our product range, production capacity and boost exports. Expansion beyond India and into areas outside of agriculture will enable the company grow exponentially while guaranteeing sustainability.”
The new financing round was led by Dare Ventures, the venture capital arm of Coromandel International, with the participation of existing investors Caspian and Hivos-Triodos Fund (managed by Triodos Investment Management) via the equity route. Northern Arc, UC Inclusive Credit, Maanaveeya and Samunnati participated with debt financing. Early investors in Ecozen include IFA and Omnivore.
Ecozen sees significant prospects for its technology stacks, as well as climate-smart solutions, in sectors beyond agriculture, especially the electric vehicle segment. It expects the market size for its technology stacks in India to grow to $25 billion by 2025. It will launch multiple products in the coming years, building on its deep expertise in thermal energy storage, motor controls, IoT and analytics.
— Ecozen’s solutions have increased the incomes of more than 100,000 farmers and enabled the generation of more than a billion units of clean energy
– It recently announced that it had raised Rs 54 crore in additional funding as the first tranche of a planned Rs 200 crore Series C round
— The start-up crossed Rs 100 cr in revenue in FY2021-22 and was Ebitda positive