Agritech Startup, Ecozen bags $10 M from Naveen Global fund. This funding of $10 M is the second portion of its planned Rs. 200 crore series C round.
The startup’s first portion of Rs. 200 crores was raised in June this year. Ecozen bagged Rs. 54 crores as funds in June as the first portion of the planned Rs. 200 crore series C round. This round of funding was led by Dare Ventures. Along with Dare ventures, existing investors like Caspian and Hivos-Triodos fonds also participated in this round of funding through equity.
Ecozen bags funds through resolution
As per reports, the board of Agritech startup Ecozen passed a special resolution for the issuance of 106657 series C2 CCPS at an issue price of Rs. 7725.67 each for raising $ 10 million.
Ecozen was launched in 2010 by IIT Kharagpur graduates. The founders of this Agritech startup are Devendra Gupta, Prateek Singhal and Vivek Pandey. Ecozen is an agriculture-based startup that uses technology to grow the industry. It offers various technology-enabled products to elevate the farm-to-fork value chain. In addition to this, the startup also develops smart climate tech solutions and core technology stacks for a sustainable future. It includes energy storage, IoT and motor controls.
The startup relies on two of its most desirable product, Ecotron and Ecofrost solutions. These both products are solutions for the irrigation industry and cold storage chain. Besides, It has helped more than 1,00,000 farmers to improve their income.
As per the claims of the company, more than 450 units of Ecofrost have been in action whereas over 70000 farmers have adopted Ecotron.
Apart from establishing its dominance in India, the startup has also seen exponential growth in Africa and South eastern countries.
Other sectors have already pushed themselves into the category of Unicorns but the Agritech sector is yet to grab its space in the category.
Undoubtedly, 2022 was the best year for Agritech startups as this category of startups secured more than $650 Million in funding.
Featured Image Credit: Ecozen Solutions
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