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Ecozen funding: Agri-focussed cleantech Ecozen closes $25 million in new funding spherical

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Ecozen funding: Agri-focussed cleantech Ecozen closes $25 million in new funding spherical

2023-01-24 09:46:38

Ecozen, a maker of solar-powered cold-storage rooms amongst different merchandise, on Tuesday stated it has closed a Collection C funding spherical of $25 million led by Nuveen and Dare Ventures in fairness and debt.The Pune-headquartered firm had kicked off the deliberate funding spherical with a primary tranche of about $6.5 million final June.

Different traders who participated within the spherical embody the Indian authorities’s Exim Financial institution, agri-finance startup Samunnati, impression fund Caspian, Dutch fund Hivos-Triodos, impression lender Maanaveeya Growth and Finance, small and medium enterprise lender Oxyzo, and non banking finance firm Northern Arc group.

Early traders Omnivore and Innovation in Meals & Agriculture Fund (IFA Fund) scored partial exits with the brand new funding spherical, per an announcement. The 2 had invested $6 million in Ecozen’s Collection A spherical in December 2019.Ecozen was based in 2010 by three IIT Kharagpur alumni: Devendra Gupta, Prateek Singhal and Vivek Pandey. It develops climate-smart deeptech options for motor controls, IoT, and vitality storage. With its cold-chain resolution Ecofrost and irrigation resolution Ecotron, Ecozen claims to have improved the incomes of over 120,000 farmers.

The startup additionally claims to have helped generate over 1 billion models of unpolluted vitality (kWh), prevented over 20,000 tonnes of meals loss, and diminished over 1 million tonnes of GHG emissions.

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Ecozen now goals to increase internationally. It has tasks within the African and Southeast Asian markets. The corporate can also be working to introduce climate-smart options for non-agricultural sectors. It estimates the market measurement for its modern expertise stacks in India will develop to $25 billion by 2025.“As we increase past India and agriculture, we are going to proceed to give attention to sustainability. Each from the angle of sustainable progress and sustainable expertise options that impression our surroundings. Ecozen will aggressively increase manufacturing capability, the product portfolio and market entry by way of exports,” Gupta stated.

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