Coromandel with INR 24 Cr investment has increased its stakes to 5.54% from 3.13% stakes
The fresh development came on the back of Ecozen raising $30 Mn in funding
Ecozen is now eyeing to foray into Africa and Southeast Asia to offer its solutions
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Fertiliser company Coromandel International Limited has increased its stake in Pune-based deeptech startup Ecozen, with an additional investment of INR 24 Cr.
With the infusion made via its wholly-owned subsidiary and corporate venture arm Dare Ventures Limited, Coromandel’s shareholding in Ecozen increased to 5.54% from 3.13%.
Jayashree Satagopan, president and CFO of Coromandel International Limited, said, “…Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”
The fresh development comes close on the heels of Ecozen bagging $30 Mn in a mix of equity and debt funding earlier last month.
While the equity round was led by existing investor Nuveen, with participation from others, the debt was offered by InCred Credit Fund and the US International Development Finance Corporation (DFC).
At the time of raising this funding, Devendra Gupta, cofounder, and CEO of Ecozen, said, “The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories. We are committed to empowering customers and expediting the transition to climate-smart technologies on a global scale.”
Founded by Gupta, Prateek Singhal and Vivek Pandey, Ecozen offers solar powered irrigation through Ecotron and cold chain storage systems through Ecofrost. The startup claims that these offerings have impacted over 180,000 farmers across India. The startup claims that it leverages artificial intelligence (AI), Internet of Things (IoT) to improve agriculture income while reducing greenhouse gas emissions and food losses.
The startup at the moment is eyeing to foray into Africa and Southeast Asia to offer its solutions.
To date, the startup has raised around $80 Mn in funding and counts Omnivore, Caspian Impact Investments, Nuveen Investments and Tridos Investment Management as among its investors.
Ecozen indirectly competes against the likes of Pune-based Khethworks, Inficold, and Stellapps among others.
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