Ecozen, a Pune-based agritech startup, has raised $10 Mn (INR 82.4 Cr) from Nuveen Global Fund as the second tranche of its INR 200 Cr Series C funding round.
The development comes seven months after the agritech startup received the first tranche of INR 54 Cr as debt and equity funding in its Series C round.
First reported by Entracker, Ecozen allotted 1,06,657 Series C2 Compulsorily Convertible Preference Shares (CCPS) at an issuance price of INR 7725.67 a piece as per regulatory filings.
Ecozen | Technology Stacks For The Agricultural Sector
Founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen develops technology-enabled products to strengthen the farm-to-fork value chain of perishables.
The firm develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage.
Applying technology stacks to the agricultural sector, Ecozen has revolutionized cold chains with Ecofrost and the irrigation industry with Ecotron, substantially improving the income of 100,000+ farmers and enabling the generation of over 1Bn units of clean energy(kWh).
India’s agritech sector is likely to grow in scale and will have 8-10 startups with more than a billion dollars in value each over the next five years, as per a new report by Avendus Capital. The report added that by 2027, the agri value chain disruption potential is expected to reach $34 billion, with almost 25 million farmers getting impacted.
This year, several agritech startups have raised funds, including MoooFarm raising $13 million, Pepper Farms raising $1 million, Falca raising $3 million in pre-series A round, Arya.ag pocketing $60 million in a Series C round, Gurugram-based Agrowave, BioVeda, Growcoms, Grow Indigo, Otipy, DeHaat, and Fyllo, among others.
Talking about other developments in the sector, in March 2022, agritech startup Ninjacart launched an agri seed fund worth $25 million. VC firm Omnivore, in April 2022, announced the launch of its third fund, with a target corpus of $130 million (Rs 1000 crore) to invest in early-stage startups developing breakthrough technologies for agriculture, food, climate, and the rural economy.
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