The funding will be used to expand product range and manufacturing capacity, says its CEO
Ecozen, a deep tech startup has raised ₹54 crore of additional funding as the first tranche of a planned ₹200 crore Series C round.
The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding.
Devendra Gupta, CEO and Co-Founder of Ecozen, said, “the new funding will be used for expanding our product range, manufacturing capacity and boosting exports. Going beyond India and agriculture will enable us to expand our market potential multifold while ensuring sustainability.”
Ecofrost is a solar-powered decentralized cold storage solution, which employs innovative thermal energy storage tech, and has over 450 units deployed. It develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage.
Sameer Goel, Director, Dare Ventures Ltd. and Managing Director, Coromandel International Ltd, said, “with a keen focus on sustainability, we believe Ecozen’s core technology stack will significantly impact sectors beyond agriculture as well. Going forward, we aspire to build a strong portfolio of such highly transformational startups.”
The company expects the market size for its technology stacks in India will grow to $25 billion by 2025. In the coming years, it intends to launch multiple products which build on its deep-tech expertise in thermal energy storage, motor controls, IoT, and analytics.