Ecozen, a Pune-based startup focused on clean technology solutions for agriculture, has raised $30 million in a new funding round to accelerate its growth and global expansion. The investment includes equity from existing investors like Nuveen as well as new debt financing from the InCred Credit Fund and the U.S. International Development Finance Corporation (DFC).

The capital will allow Ecozen to scale up production of its solar-powered systems for agricultural irrigation and cold chain solutions, the company said in a press release. It also plans to expand on its current solar pump controller systems and cold storage solutions offerings.

“Ecozen is on an accelerated growth path driven by increased demand for our pioneering climate-smart solutions,” said CEO and co-founder Devendra Gupta. “The funding will enable us to expand operations and deepen our market presence in India as well as enter new international markets in Africa and Southeast Asia.”

The company plans to leverage its technology stack, spanning advanced motors, controls, thermal energy storage, AI, and IoT, to develop decarbonization solutions for other sectors, such as milling, mobility, retail, and industry. It claims that the company has grown five-fold over the last two years, with profits tripling, and anticipates doubling revenue again this fiscal year.

The company also claims that its products have boosted incomes for over 180,000 farmers in India while reducing greenhouse gas emissions by 2 million tonnes and preventing 50,000 metric tons of food loss.

“We like Ecozen’s proven product and execution track record and the way it has transformed the lives of farmers in India. With the government of India’s push on sustainable, climate-friendly initiatives, we feel the company is poised for profitable growth,” said Saurabh Jhalaria, CIO – Alternative Credit Strategies at Incred Alternative Investments.

Last year, Ecozen raised $25 million in equity and debt capital in its series C round as it looked beyond agriculture to expand into new climate deep-technology fields.

In 2022, it raised $6.93 million as part of a planned $25 million Series C funding round. The funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors.