PE-VC Fund Investments
Climate tech co. Ecozen raises Rs.112-Cr debt from UTI, Spark Investment
Agri-focused solar power player startup Ecozen has raised INR 111.6 crore (USD 12.5 million) in debt funding from UTI International Wealth Creator and Spark Alternative Investment Fund. This funding was secured through the issuance of 500 non-convertible debentures (NCDs) to Spark Alternative Investment Firm and 616 NCDs to UTI International Wealth Creator, each with a face value of INR 10 lakh.Founded by Devendra Gupta, Ecozen provides climate-smart solutions and core technology stacks, including motor controls, IoT, and energy storage that use solar power. The company's primary products are Ecotron and Ecofrost.Ecozen has reported a Compound Annual Growth Rate (CAGR) of over 83% in revenue growth during the past three years, having manufactured more than 300,000 Ecotron solar pump controllers. Ecozen's revenue from operations grew to INR 458 crore in FY24, up from INR 293 crore in FY23, and its profit increased to INR 20 crore in FY24.
Between Dec-13 and Jan-25, Ecozen Solutions had attracted about USD 95.55 M from Villgro, Omnivore Partners, Caspian Advisors, Triodos, Sathguru Catalyser IFA Fund, Dare Ventures, UC Inclusive Credit, HDFC Bank, Northern Arc Capital, TIAA / Nuveen, DFC, InCred Alternatives, responsAbility, and others.For FY24, Ecozen had reported about INR 458.46 Cr in Operating Income and about INR 20.19 Cr in PAT.
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