Ecozen Raises Rs 111 Crore from UTI International and Spark Investment
- Climate-tech startup Ecozen secures Rs 111.6 crore ($12.5 Million) debt funding from UTI International Wealth Creator and Spark Alternative Investment Fund.
- Funds to support working capital needs and business expansion.
- Ecozen has recorded over 83% CAGR in revenue growth in the past three years.
Climate-focused deeptech startup Ecozen has raised Rs 111.6 crore (around $12.5 million) through debt funding from UTI International Wealth Creator and Spark Alternative Investment Fund. The fresh infusion aims to strengthen the company’s capital base and fuel its ongoing business expansion.
According to filings with the Registrar of Companies, Ecozen’s board approved the issue of 1,116 non-convertible debentures (NCDs), 500 to Spark and 616 to UTI, each valued at Rs 10 lakh. The company plans to deploy the funds to meet immediate capital requirements and support growth initiatives.
Founded by Devendra Gupta, Ecozen develops climate-smart deeptech solutions integrating motor controls, IoT, and energy storage powered by solar technology. Its flagship products, Ecotron (solar pump controllers) and Ecofrost (solar-powered cold storage), cater to agriculture and allied industries.
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Over the last three years, Ecozen has maintained a revenue CAGR of 83%, manufacturing over 300,000 Ecotron units, including 100,000 between March and December 2024. The firm reported Rs 458 crore in FY24 revenue, up from Rs 293 crore in FY23, with profits rising to Rs 20 crore.
To date, Ecozen has raised $76.4 million in funding from investors such as Nuveen and others. The company’s diverse product lineup, ranging from Ecofrost to e-bike controllers, underscores its commitment to sustainable innovation.
