Ecozen Solutions, an agritech startup, has bagged $6 million (approx INR 42 crore) in series A round of funding from Sathguru Catalyser’s Innovation in Food & Agriculture Fund (IFA Fund), cited Inc42.
According to Devendra Gupta, cofounder and CEO of Ecozen, the newly infused capital will help them expand the product range, production capacity, and enter new geographies.
“We will also increase the deployment of our leasing based cold chain solution and scale up Eco-Connect massively,” Gupta added.
Post transaction, Krishna Kumar, ex-MD of State Bank of India, will be joining Ecozen’s board.
Ecozen Solutions was founded by Devendra Gupta, Prateek Singhal and Vivek Pandey in 2010. The platform Ecozen Solutions develops technology-enabled products to strengthen the farm-to-fork value chain of perishables.
The company Ecozen Solutions claims to offer irrigation and cold chain products Ecotron and Ecofrost which help farmers who grow perishables to increase their yields, store their produce longer and realise higher prices.
The company also claims that approximately 25K farmers in India use Ecozen products. It also offers Eco-Connect, which connects farmers growing perishables with organised buyers.
Eco-Connect has already grown to 200 buyers and 75 active sellers on the platform and is expended to scale exponentially in the coming year, the company claimed.
While, Vijayaraghavan Kannan, Senior Partner at IFA Fund said, “Ecozen has focused on using technology as a differentiator and has pioneered innovative products addressing market imperfections and catering to underserved segments of agriculture & food value chain.”
Furthermore, as per the National Association of Software and Service Companies (NASSCOM) report, India’s agritech sector has received more than $248 Mn funding as of June 2019, scaling up almost 300% as compared to last year.
Some of the significant startups under the similar roof include Gramophone, which recently, raised ₹24 crore in series A funding, AgroStar also bagged $27 million (approx ₹192 crore) in a series C funding round in March, Ninjacart, CropIn, Sattvaponics, Origo, among others.