In a significant move signaling confidence in India’s climate-tech landscape, Ecozen, a deeptech company focused on sustainable energy solutions, has raised USD 12.5 million (~INR 111.6 crore) in debt financing. The investment comes from UTI International Wealth Creator and Spark Alternative Investment Fund, according to the company’s filing with the Registrar of Companies (RoC).
Under the approved terms, Ecozen’s board sanctioned the issuance of 500 non-convertible debentures (NCDs) to Spark Alternative Investment Fund and 616 NCDs to UTI International Wealth Creator, each carrying a face value of INR 10 lakh. The fresh capital is aimed at meeting immediate capital requirements and scaling operational growth.
Empowering Climate-Smart Technologies
Founded by Devendra Gupta, Ecozen stands at the forefront of India’s climate-smart deeptech revolution. The company’s innovation lies in its core technology stack, integrating motor controls, Internet of Things (IoT), and energy storage systems that harness solar power. These capabilities have given rise to flagship products such as Ecotron and Ecofrost, which cater to agricultural and industrial applications requiring reliable, off-grid energy solutions.
Ecozen’s broader portfolio extends to include Eco-Freeze, Ecozen atta chakki, Ecotron Omni, and e-bike controllers, reflecting its diversification across clean technology verticals. This product strategy enables the company to address both rural energy needs and urban sustainability demands, establishing it as a comprehensive solutions provider in renewable energy-driven innovation.
Impressive Growth Trajectory
Ecozen’s performance underscores the potential of India’s climate-tech sector. The company boasts a CAGR exceeding 83% in revenue over the past three years. It has manufactured over 3,00,000 Ecotron solar pump controllers, including a remarkable 1,00,000 units produced between March and December 2024—a testament to its scaling capability.
Financially, Ecozen reported a revenue from operations of INR 458 crore in FY24, up from INR 293 crore in FY23, marking a 56% year-on-year growth. Correspondingly, profit increased to INR 20 crore in FY24, signaling improved operational efficiency. While FY25 results are yet to be filed, the latest debt infusion is expected to further strengthen the company’s balance sheet and fuel its next growth phase.
Funding History and Investor Confidence
To date, Ecozen has secured USD 76.4 million (~INR 677.46 crore) in total funding. Its capital structure combines equity and debt support from marquee investors, including Nuveen, which remains its lead backer. Earlier in January 2025, the company raised USD 23 million (~INR 203.95 crore) in debt from a consortium of institutions, including responsAbility Investments AG, Northern Arc Capital Limited, and Maanaveeya Development & Finance Private Limited.
The latest transaction with UTI and Spark signals sustained investor confidence in Ecozen’s business fundamentals and its role in advancing climate-resilient infrastructure. The company’s focus on technology-led, scalable renewable solutions positions it well to capitalize on the accelerating shift toward sustainable energy adoption across India and emerging markets.
Competitive Landscape and Future Outlook
Ecozen competes with other clean energy innovators such as Powerflex, Inficold, and Khetworks. However, its technological edge, backed by a robust product ecosystem and deep market penetration, provides a strong moat in the competitive agri-tech and renewable energy domains.
As the global and domestic push for climate action intensifies, Ecozen’s strategic debt raise represents not only a vote of confidence from institutional investors but also a step forward in building India’s green technology future. With its proven ability to combine profitability with sustainability, Ecozen continues to illustrate how innovation can drive both economic growth and environmental stewardship in the decades to come.
In summary
Ecozen’s INR 111.6 Crore debt raise marks another milestone in its mission to transform energy access through deeptech innovation. The funding from UTI and Spark Investment Fund reinforces the company’s leadership in the climate-tech ecosystem—fueling its expansion, innovation, and the next chapter in sustainable energy evolution.
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