Ecozen raises first tranche of Series C funding led by Dare Ventures

Climate-smart deeptech startup Ecozen on Thursday said it has raised Rs 54 crore of additional funding in the first tranche of a planned Rs 200-crore Series C investment round.

The latest funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity, the company said in a statement.

Northern Arc, UC Inclusive Credit, Maanaveeya and Samunnati also participated with debt funding. Early investors in Ecozen include IFA and Omnivore.

"We are thrilled to partner with Dare Ventures and other new and existing investors, as we accelerate our growth and bring climate-smart deeptech solutions to new sectors of the economy. The new funding will be used for expanding our product range, manufacturing capacity and boosting exports.

"Expanding beyond India and beyond agriculture will enable us to expand our market potential multi-fold and grow exponentially while ensuring sustainability," Ecozen CEO and co-founder Devendra Gupta added. 

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