Startups

Agritech Startup Ecozen Raises $10 Million In Funding


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. 

Co-founders of Ecozen

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).

Agritech India

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 AgrowaveBioVedaGrowcomsGrow IndigoOtipy, 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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