Private Equity

VC Fund Investments

Solar-based cold storage provider Ecozen raises Rs.54-Cr in Series C led by Dare Ventures

YourStory,   Business Line  

Pune-headquartered climate-smart deeptech startup Ecozen Solutions has raised INR 54 crore as part of the first tranche of a planned INR 200 crore Series C round. The funding tranche was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds through equity. Northern Arc, UC Inclusive Credit, Maanaveeya, and Samunnati also participated with debt funding. Ecozen is a solar-powered decentralized cold storage provider which develops deeptech and core technology stacks to deliver a sustainable IoT, and energy storage. Applying these to the agricultural sector, Ecozen claims to have over 450 units deployed and to have enabled the generation of over 1 billion units of clean energy (kWh). The new funding will be used to expand product range and manufacturing capacity.

From the Venture Intelligence PE-VC Deal Database: Between Dec-13 and Dec-19, Ecozen had raised over USD 11 M from Sathguru Catalyser IFA Fund, Omnivore Partners, Caspian Advisors, Omnivore Partners and Villgro. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)