Agritech startup Ecozen secured $10 million from Nuveen Global Fund. This is the second tranche of its planned Rs 200 crore Series C round.
The news was first reported by Entracker.
The board of Ecozen has passed a special resolution to issue 1,06,657 Series C2 CCPS at an issue price of Rs 7725.67 each to raise Rs 82.4 crore or $10 million, according to regulatory filings.
Founded by IIT Kharagpur alumni, Devendra Gupta, Prateek Singhal, and Vivek Pandey, EcoZen develops technology-enabled products to strengthen the farm-to-fork value chain of perishables.
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In June this year, Ecozen raised Rs 54 crore of additional funding as part of the first tranche of a planned Series C round. The new funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors-Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management)-through equity.
Ecozen develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage. Applying these technology stacks to the agricultural sector, Ecozen offers Ecofrost and Ecotron as solutions for cold chains and the irrigation industry to improving the income of over 100,000 farmers and enabling the generation of over one billion units of clean energy (kWh).
Edited by Akanksha Sarma
Team YS