Climate-focused deeptech company Ecozen Friday announced that it has raised $30 million in debt-cum-equity financing.
Nuveen and existing investors joined the funding round while the debt component was contributed by InCred Credit Fund and the U.S. International Development Finance Corporation (DFC), the startup said in a statement.
Ecozen will use the proceeds to meet the demand for its products and to advance its climate-smart technology. The company is also set to expand its offerings and market presence into Africa and Southeast Asia, the statement added
The company claims to have grown 5x over the last two years, with profits growing 3x as well. Ecozen anticipates doubling its revenue in the current fiscal year, buoyed by demand for existing products. It plans to leverage its tech stack of advanced motors and controls, thermal energy storage, AI and IoT to enter new segments undergoing a transition to cleaner energy sources.
“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale,” said Ecozen CEO and co-founder Devendra Gupta.
Ecozen last raised $25 million in equity and debt capital in its Series C round in January 2023. The Series C equity portion was led by Nuveen and Dare Ventures (Coromandel International), with participation from the Export-Import Bank of India (India EXIM Bank), and existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management).
