Ecozen is a climate-tech startup working on solar-powered irrigation and cold chain systems. Coromandel International just increased its stakes in the startup by an additional investment of Rs 24 crore. This amount has made Coromandel the shareholder of 5.54% in Ecozen. Previously the company had 3.13% of shareholding. This climate-tech startup focuses on solar-powered irrigation and cold chain systems. The additional investment will help Ecozen scale up its operations and expand its market reach. Committed to climate-smart technologies, it will focus on empowering customers globally. Here we are talking about Climate-tech Startup Gets An Additional Investment Of 24 Crore From Coromandel.
This climate-tech startup uses Artificial intelligence, the Internet of Things, and various other technologies to improve and enhance agricultural incomes with reduced food waste. Last year, Ecozen showed a turnover of Rs 274 Crore. They aim to expand in the market of Africa and Southeast Asia. In addition to this, Coromandel International is said to be investing in the Kakinada project that aims to produce sulphuric acid and phosphoric acid. The project includes waste heat utilization and other advanced technologies.
With data ventures, Coromandel acquired 5.44% of shares in Ecozen, a Pune-based deep tech startup. During the funding round, Ecozen’s CEO, Davendra Gupta, mentioned that the raised capital would be utilized to expand operations and strengthen local and international market presence. He emphasized, “We are dedicated to empowering customers and making a shift towards climate-smart technologies on a global level.”
Besides other offerings, Ecozen wants to make big changes in farming. It plans to use its solar-powered irrigation system, Ecotron, and its cool storage solutions, Ecofrost. Using smart technology like Artificial Intelligence and the Internet, Ecozen helps farmers make more money while being good to the environment. It does this by reducing pollution and stopping food from going to waste.
With plans to expand into Africa and Southeast Asia, this startup is poised to address critical agricultural challenges on a global scale. Despite the promising prospects, Ecozen will indirectly face competition from established players like Inficold and other Pune-based companies such as Khethworks as it navigates its way into the global market.
CONCLUSION
Ecozen is a climate-tech startup that focuses on agriculture and helps farmers with solar-powered irrigation and cold storage. The startup recently received an extra Rs 24 crore from Coromandel International as it extended its share. Now, Coromandel owns 5.54% of Ecozen. Ecozen uses smart technology to improve farming and reduce food waste.
They made Rs 274 crore last year and want to expand in the market of Africa and Southeast Asia. Coromandel is also investing in a project in Kakinada to make chemicals. This 24 crore fund money will help Ecozen grow and reach more farmers. They want to help farmers worldwide with climate-friendly technology. They’ve raised a total of $8 million so far. The funding will help Ecozen scale up its operations and expand its market reach. With a commitment to climate-smart technologies, Ecozen aims to empower customers globally.
