Climate-focused deep tech company Ecozen Wednesday announced that it has raised over $23 million in debt funding from responsAbility Investments AG, Northern Arc Capital Limited, Maanaveeya Development & Finance Private Limited, and others.
The funding proceeds will help Ecozen drive scale in its current businesses while furthering its position as a leader in sustainable technologies, it said in a statement.
“This funding will help us reach more people, expand our operations, and strengthen our impact in India and beyond. Our focus has always been on empowering our customers and providing them with the tools they need to thrive in a changing world,” Ecozen co-founder and CEO Devendra Gupta said.
Ecozen claims to have recorded a CAGR of over 83% in revenue growth over the past three years. The company has manufactured over 300,000 Ecotron solar pump controllers to date, with 100,000 units produced between March and December 2024 alone.
Last April, Ecozen had raised $30 million in debt-cum-equity financing. Nuveen and existing investors joined the funding round while the debt component was contributed by InCred Credit Fund and the U.S. International Development Finance Corporation (DFC).
Before that, the company had raised $25 million in equity and debt capital in its Series C round in January 2023, led by Nuveen and Dare Ventures (Coromandel International), with participation from the Export-Import Bank of India (India EXIM Bank), and existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management).
