Ecozen, a Pune-based agritech startup has raised an undisclosed amount of funding in Series A round from Caspian and the Hivos-Triodos Fund.
The round also saw participation from Omnivore, an existing investor in Ecozen.
“We plan to use this funding to launch new cold chain products, enter new geographies for irrigation sales, and accelerate the growth of our market linkage platform for pre-cooled perishables. We plan to be back in the market soon, to raise our next round, as both our irrigation and cold chain businesses are scaling rapidly,” Devendra Gupta, co-founder & CEO of Ecozen, said.
Ecozen, founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey in 2010. It develops technology-enabled products to strengthen the farm-to-fork value chain of perishables to increase the farmers yields, store their produce longer and realize higher prices.
The company claims that approximately 20,000 farmers in India use Ecozen products and the company delivered sales revenue of Rs 68 crore in FY 2018-19.
Ravi Narasimham, Investment Director at Caspian, said, “We see that the company’s strategy has a perfect blend of promoting sustainable agriculture and storage by using solar energy based water pumping systems and cold chain facilities.”
While, Karel Nerop, fund manager of Hivos- Triodos Fund, said, “As a company that enables better livelihood for farmers using technology and innovation, one that offers renewable-based energy products that cater to agri-focused markets, Ecozen is a natural partner for us. We look forward to help drive their mission and vision forward, and together create a positive impact down the value chain.”
Some of the significant agritech startups includes FreshVnF, VilFresh, DeHaat, VezaMart, and many more.