Ecozen, a leading company in eco-friendly agricultural technology, has recently secured a substantial investment of $30 million through a combination of equity and loan funding. This funding will further their mission to provide support to small-scale farmers through the use of solar-powered solutions. The investment round was spearheaded by Nuveen, one of their existing investors, and saw contributions from a variety of stakeholders. Additionally, InCred Credit Fund and the US International Development Finance Corporation provided loans as part of this significant capital boost, which will be primarily allocated towards product development and innovation.
Devendra Gupta, Co-founder of Ecozen, expressed his enthusiasm about the new funding, stating that it will allow the company to expand its global reach and make a more meaningful impact in the market. With a focus on empowering customers and accelerating the adoption of climate-smart technologies worldwide, Ecozen is dedicated to driving positive change in the agricultural sector. The company, co-founded by Gupta, alongside Prateek Singhal and Vivek Pandey, is recognised for its groundbreaking products such as Ecotron and Ecofrost, which have played a crucial role in improving agricultural irrigation and cold chain preservation.
Ecozen has demonstrated impressive growth, with profits tripling and sales increasing fivefold in recent years. Through their innovative technologies, the company has positively impacted the lives of over 180,000 farmers, while also contributing to a reduction in greenhouse gas emissions and minimising food loss using advanced motor control, IoT, and energy storage technologies.
Looking ahead, Ecozen has ambitious plans to enter new markets in Africa and Southeast Asia, leveraging their cutting-edge technology to create a global footprint. Devendra Gupta revealed that the company’s aspiration is to utilise their advanced technology stack to tap into emerging markets that are transitioning to cleaner energy sources.
Having previously secured a successful funding round in 2022, where Ecozen raised $31.4 million, the company is strongly backed by investors such as Omnivore, HDFC Bank, and others, positioning them at the forefront of sustainable agricultural technology and global market expansion. Ecozen remains committed to driving innovation, while also promoting sustainable farming practices and environmental stewardship.