Climate-focused deeptech startup Ecozen is set to raise Rs 95 crore (around $10.7 million) in debt funding from Momentum Capedge Limited, marking its third debt raise in the last 12 months as it scales operations amid strong financial performance.
According to regulatory filings with the Registrar of Companies (RoC), Ecozen’s board has approved the issuance of 950 Series E non-convertible debentures (NCDs) at a face value of Rs 10 lakh each. The proposed fundraising includes a green shoe option of up to Rs 25 crore, taking the potential total beyond the base amount.
The debentures carry an interest rate of 11.5% per annum with a tenure of 27 months. The company said the proceeds will be used to meet immediate capital requirements and support ongoing business growth.
The Pune-based startup has been actively leveraging debt capital to fuel expansion. Over the past year, Ecozen has raised $12.5 million in debt from UTI International and Spark Capital, along with $23 million from responsAbility Investments AG, Northern Arc Capital Limited, and other lenders.
Founded by Devendra Gupta, Ecozen builds climate-smart deeptech solutions using core technology stacks such as motor controls, IoT, energy storage, and solar power. Its product portfolio includes Ecotron (solar pump controllers), Ecofrost (solar-powered cold storage), solar air conditioners, and solar panels, catering largely to agriculture and rural markets.
Ecozen has raised over $76 million to date through a mix of debt and equity. Its key institutional backers include Nuveen Global and Omnivore, both known for investments in climate and agritech ventures.
The company has also reported strong financial momentum. For the fiscal year ended March 2025, Ecozen’s operating revenue grew more than 2.3X to Rs 889 crore, compared to Rs 377 crore in FY24. During the same period, net profit surged 4.7X to Rs 95 crore, highlighting improved scale and operating efficiency.
Ecozen operates in a competitive segment, facing players such as Powerflex, Inficold, and Khetworks, as demand rises for sustainable and energy-efficient solutions across agriculture and cold-chain infrastructure.
With continued access to structured debt and improving profitability, Ecozen appears focused on strengthening its balance sheet while accelerating growth in India’s climate-tech ecosystem.
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