20 April 2024 – Ecozen, a deeptech company that focuses on climate change, has secured $30 million from fresh loan assistance from InCred Credit Fund and International Development Finance Corporation (IDFC), as well as from Nuveen Global Fund and other current equity investors.
The business boasts that throughout the last two years, it has grown 5X, with profits increasing by 3X as well. Ecozen intends to use its cutting-edge tech stack to penetrate new markets and hopes to double its sales in the current fiscal year.
In the same way as the company’s pumping and cooling solutions did for agriculture, Ecozen continued, these solutions will decarbonise industries like milling, mobility, retail, and industrial.
Conclusion
According to startup data intelligence platform TheKredible, Ecozen saw a 139% increase in sales, from Rs 122.57 crore in FY22 to Rs 293.24 crore in FY23. Ninety percent of its revenue came from the sale of solar and related products in the fiscal year that ended in March 2023. In FY23, the company recorded earnings of Rs 5.76 crore, up from a loss of Rs 37 lakh in FY22. The company has not yet submitted its FY24 annual report.
SOURCE: Link
