Headquartered in Pune, deeptech startup Ecozen was founded on campus by three IIT Kharagpur students: Devendra Gupta, Prateek Singhal and Vivek Pandey. It develops climate-smart deeptech solutions and a core technology stack, including motor control, IoT and energy storage, in what its co-founders call “a sustainable future.” Applying these technology stacks to the agriculture sector, Ecozen has established a presence in the cold chain segment (Ecofrost) and irrigation industry (Ecotron), significantly increasing the income of 100,000+ farmers and generating over one billion units of clean water. capable of producing energy. (kw).
Ecofrost is a solar-powered decentralized cold storage solution that employs innovative thermal energy storage technology, and has deployed over 450 units to date. Ecotron, a solar pumping solution that leverages embedded IoT, predictive analytics and advanced motor control to help improve irrigation efficiency and farm profitability, has been adopted by over 70,000 farmers to date.
Due to strong demand for its cold chain and irrigation products, Ecozen crossed Rs 100 crore in revenue in FY 2021-22 and was EBITDA positive. It has also carried out successful pilots overseas and has been able to generate demand in African and Southeast Asian countries. The company’s co-founders say that it is on track to double its sales in FY 2022-23 and become highly profitable, with expansion in existing businesses as well as overseas markets likely to aid future growth. Is.
Recently, Ecozen announced that it has raised Rs 54 crore of additional funding as the first tranche of a Series C round of Rs 200 crore. Devendra Gupta, CEO and Co-Founder, Ecogen said, “The new funding will be used to expand our product range and manufacturing capacity and boost exports. Expansion outside India and into sectors other than agriculture will enable the company to grow rapidly while ensuring stability.
The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation through the equity route from existing investors Caspian and Hivos-Triodos Funds (managed by Triodos Investment Management). Northern Arch, UC Inclusive Credit, Manavya and Samunnati participated with debt funding. Ecozen’s early investors include IFA and Omnivore.
Ecozen sees significant potential for climate-smart solutions along with its technology stack in sectors other than agriculture, particularly in the electric vehicle segment. It expects the market size for its technology stack in India to grow to $25 billion by 2025. It will launch multiple products in the coming years based on its deep expertise in thermal energy storage, motor control, IoT and analytics.
– Ecozen’s solutions have increased the income of 100,000+ farmers and generated over a billion units of clean energy
It recently announced that it has raised additional funding of Rs 54 crore as the first tranche of Series C round of Rs 200 crore.
Start-ups crossed Rs 100 crore in revenue in FY 2021-22 and was EBITDA positive