Ecozen, an agri-tech start-up based in Pune, has developed different technology-enabled products to help over 20,000 farmers in India. It’ll raise the sum of money in Series A. The impact investors are Hivos-Triodos and Hyderabad based Caspian. They invested a significant amount, which is still undisclosed for Series A of this firm.
Previously an agri-tech venture firm of India, Omnivore invested 1 million dollars in Ecozen in the year 2015. Their participation was also seen in the last rounds.
Ecozen mainly works for Indian farmers so that they can grow yields and even store their yields for a long time to get a high price.
Devendra Gupta, the chief executive officer and co-founder of Ecozen, stated that they would use this funding to launch different cold chain products. He further added that it would also help them to enter new markets primarily for irrigation sales. Apart from that, this funding will definitely raise the linkage platforms of this market for perishables.
According to Gupta, they are planning to return soon. They are targeting to raise funds for the next round as both their cold chain and irrigation businesses have been snowballing.
Ravi Narasimhan, the investment director of Caspian, stated that they invested in Ecozen because they wanted to promote sustainable agriculture and solar energy-based products. That’s because these products are not only affordable but also reliable. Karel Nierop, the fund manager of Hivos-Triodosfather, added that they got into partnership with this particular startup to create an impeccable impact on the value chain.
Recently the industry of agri-tech has seen different activities of different investors. They are interested in corporates and startups to bridge the gaps in the sector and to develop the value chain. That is why business giants like SuperZop, Mahindra and Mahindra Limited, or Green AgRevolution Pvt. Ltd., have invested in this industry recently.