Ecozen is a startup company that uses technology to help the environment and lately it has secured a funding of $30 million. The fresh investment basically comes from a combination of loans as well as investments. Nuveen Global Fund led the process alongside other existing equity investors. Moreover, it received support from InCred Credit Fund and the International Development Finance Corporation (IDFC).
Ecozen raised $25 million in January 2023 and it was led by Nuveen. The company now has a total of about $70 million in funding through a mix of debt and equity.
The company aims to enhance its existing offerings with the fresh funding. It is targeting market expansion in regions like Africa and Southeast Asia.
The company is well-known for its cutting-edge technologies and particularly in the solar power segment. It provides solutions that mitigate the effects of climate change. Ecotron and Ecofrost are two of its flagship products.
Ecozen has witnessed rapid growth over the period of past two years. It has achieved a fivefold increase in revenue and 3x in profits. Following such impressive success stories, it has plans to further double its revenue in the current fiscal year by penetrating more in new market segments.
The startup is committed to developing solutions that facilitate decarbonization of various sectors such as milling, mobility, retail and industry. The solutions are poised to have a transformative impact.
Data from TheKredible reveals the company witnessed a remarkable surge in revenue. It soared by 139% to Rs 293.24 crore in the fiscal year 2022-2023. The figure was Rs 122.57 crore in the previous fiscal year. It achieved profitability and it was Rs 5.76 crore in FY23. The figure was Rs 37 lakh loss in FY22.
