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Total amount raised
$130.15 Million
Latest funding date
2026-07-01
Location
Ecozen has raised at least USD 130.15 million in disclosed equity and debt across eleven rounds. Its latest round was a USD 13.2 million (INR 125 crore) debt financing in July 2026, anchored by Rajiv Poddar. The Pune-based deeptech company makes Ecotron solar pump controllers and Ecofrost solar cold storage for farmers.
What Is Ecozen?
Ecozen Solutions is a climate-smart deeptech company based in Pune, Maharashtra, founded in 2010 by Devendra Gupta, Prateek Singhal, and Vivek Pandey. It works in agriculture, agtech, cleantech, and energy, with about 1,056 employees as of March 2026.
Its products include Ecotron solar pump controllers and Ecofrost solar cold storage. Ecozen had produced more than 300,000 Ecotron units as of November 2025 and reported a three-year revenue CAGR of more than 83%. It remains privately held.
How Much Funding Has Ecozen Raised?
- Series A
- Amount Raised: Not publicly disclosed
- Date: July 2019
- Lead Investors: Caspian Impact Investments, Triodos Investment Management
- Motivation Behind the Round: To support early-stage growth and product development.
- Series B
- Amount Raised: USD 6,000,000
- Date: December 2019
- Lead Investors: Sathguru Catalyser Advisors
- Motivation Behind the Round: To enhance product development and market expansion.
- Series C
- Amount Raised: INR 540,000,000 (approx. USD 6,750,000)
- Date: June 2022
- Lead Investors: Dare Ventures
- Motivation Behind the Round: To expand Ecozen's product portfolio and market reach.
- Debt Financing
- Amount Raised: Not publicly disclosed
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Motivation Behind the Round: Not publicly disclosed.
- Series C (equity and debt)
- Amount Raised: USD 25,000,000
- Date: January 2023
- Lead Investors: Nuveen, Dare Ventures (Coromandel International)
- Participants: India EXIM Bank, Caspian, Hivos-Triodos Fonds
- Motivation Behind the Round: To expand Ecozen's product portfolio and market reach; combined equity and debt.
- Series Unknown (equity and debt)
- Amount Raised: USD 30,000,000
- Date: April 2024
- Lead Investors: Nuveen (equity)
- Participants: InCred Credit Fund and U.S. International Development Finance Corporation (debt)
- Motivation Behind the Round: To scale operations; the equity-debt split was not disclosed.
- Series Unknown
- Amount Raised: INR 240,000,000 (approx. USD 3,000,000)
- Date: May 2024
- Lead Investors: Dare Ventures
- Motivation Behind the Round: Not publicly disclosed.
- Debt Financing
- Amount Raised: USD 23,000,000
- Date: January 2025
- Lead Investors: responsAbility Investments AG, Northern Arc Capital, Maanaveeya Development & Finance, and others
- Motivation Behind the Round: To scale Ecozen's flagship solutions and strengthen its market position.
- Debt Financing (non-convertible debentures)
- Amount Raised: USD 12,500,000 (INR 111.6 crore)
- Date: November 2025
- Lead Investors: UTI International Wealth Creator, Spark Alternative Investment Fund
- Motivation Behind the Round: Immediate capital requirements to aid growth of the business; 1,116 non-convertible debentures at INR 10 lakh face value.
- Debt Financing (Series E non-convertible debentures)
- Amount Raised: USD 10,700,000 (INR 95 crore)
- Date: January 2026
- Lead Investors: Momentum Capedge Limited
- Motivation Behind the Round: Immediate capital requirements to aid growth of the business; 950 non-convertible debentures at 11.5% per annum with a 27-month tenure.
- Debt Financing (non-convertible debentures, three series)
- Amount Raised: USD 13,200,000 (INR 125 crore)
- Date: July 2026
- Lead Investors: Rajiv Poddar (INR 31 crore)
- Participants: Indel Money (INR 21 crore), Kredere Wealth Partner Limited (INR 16 crore), Sovereign Pharma Pvt Ltd (INR 15 crore), InCred Finance (INR 10 crore), Manba Finance Limited (INR 10 crore), and individual investors including Kaushik Deva, Rama Pyarelal Tiwari, Faarah Yohan Sachdev, Rajul Narendra Mehta, Rama Iyer, and Sunita Family Private Trust (INR 16 crore combined)
- Motivation Behind the Round: Growth and working capital requirements; 1,250 non-convertible debentures at INR 10 lakh face value.
Total Amount Raised: At least USD 130,150,000 across the eleven equity and debt rounds listed above; the July 2019 Series A and June 2022 debt facility amounts were not disclosed. Entrackr described total funding as over USD 100 million in July 2026. Current Valuation: Not publicly disclosed. As of September 2026, the company's latest disclosed round is its July 2026 debt financing.
Key Investors
- Rajiv Poddar
- Details: Rajiv Poddar anchored Ecozen's July 2026 non-convertible debenture issue with INR 31 crore of the INR 125 crore raised.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Momentum Capedge Limited
- Details: Momentum Capedge Limited subscribed to Ecozen's INR 95 crore Series E debentures in January 2026 at 11.5% per annum over 27 months.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- UTI International Wealth Creator
- Details: UTI International Wealth Creator co-subscribed, with Spark Alternative Investment Fund, to Ecozen's INR 111.6 crore debenture issue in November 2025.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
- Nuveen
- Details: Nuveen led Ecozen's USD 25 million January 2023 round and provided equity in the April 2024 raise.
- Investment Focus Areas: Fixed income, real assets, impact investing, and private capital.
- Notable Investments: Not publicly disclosed.
- Dare Ventures
- Details: Dare Ventures, Coromandel International's venture arm, led Ecozen's June 2022 and May 2024 rounds.
- Investment Focus Areas: Agriculture, agritech, and clean energy.
- Notable Investments: Not publicly disclosed.
- responsAbility Investments AG
- Details: responsAbility Investments AG, a Zurich-based impact investor, participated in Ecozen's USD 23 million debt financing in January 2025.
- Investment Focus Areas: Financial inclusion, sustainable food, and climate finance.
- Notable Investments: Not publicly disclosed.
- Northern Arc Capital
- Details: Northern Arc Capital participated in Ecozen's USD 23 million debt financing in January 2025.
- Investment Focus Areas: Debt financing for microfinance, small business, affordable housing, and agriculture.
- Notable Investments: Not publicly disclosed.
What's Next for Ecozen?
Ecozen has leaned on debt to fund growth. Entrackr reported three non-convertible debenture raises in the past year, the most recent a INR 125 crore (about USD 13.2 million) issue in July 2026 anchored by Rajiv Poddar. Each raise funded immediate capital, growth, and working capital needs.
The borrowing accompanies rapid growth. Ecozen reported FY25 operating revenue of about INR 1,150 crore, 2.5 times the prior year, and profit of about INR 95 crore, 4.7 times the prior year. No new equity round or IPO filing has been announced as of September 2026.
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