UTI International Wealth Creator and Spark Alternative Investment Fund have contributed Rs111.6 crore, or roughly $12.5 million, in debt investment to the climate-focused deeptech business Ecozen.
Key Highlights
- Ecozen raised around ₹111.6 crore via non-convertible debentures from UTI International Wealth Creator and Spark Alternative Investment Fund.
- The funds will support Ecozen’s capital needs and growth of its climate-smart deep-tech solutions like Ecotron and Ecofrost.
Ecozen's board authorized the issuance of 500 non-convertible debentures (NCDs) to Spark Alternative Investment Firm and 616 NCDs to UTI International Wealth Creator at a face value of Rs 10 lakh each in order to raise the aforementioned sum, according to its filing obtained from the Registrar of Companies (RoC).
The money raised will be utilized for urgent financing needs to support the company's expansion.
Devendra Gupta founded Ecozen, which provides basic technology stacks and climate-smart deep tech solutions, such as solar-powered energy storage, motor controls, and the Internet of Things. Ecotron and Ecofrost are the company's two main products.
Over the last three years, Ecozen claims to have seen a CAGR of more than 83% in revenue growth. Over 300,000 Ecotron solar pump controllers have been created by the company thus far; 100,000 of those were produced between March and December 2024 alone.
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Nuveen is Ecozen's principal investor, and the company has raised $76.4 million to date. In January of this year, the company raised $23 million in debt from Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, responsAbility Investments AG, and other sources.
The business has not yet released its FY25 financial figures. However, Ecozen's operating revenue increased from Rs 293 crore in FY23 to Rs 458 crore in FY24. In FY24, the company's profit climbed to Rs 20 crore.
Ecozen faces competition from Khetworks, Powerflex, and Inficold. Ecotron, Ecofrost, Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers are among its varied product offerings, which serve a variety of sectors and requirements.
