5 Minutes Read
Coromandel International-backed deeptech startup in Pune raises $30 million
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
Listen to the Article (6 Minutes)
Summary
Murugappa Group’s Coromandel International is one of the investors in the Pune-based Ecozen, which was estimated to be valued at $45 million in December 2022, and has raised over $55 million since then in both equity and debt.
Pune-based Ecozen, which makes solar-powered pumps, cold chains, and energy storage among other solutions, said it has raised $30 million from existing investors including Nuveen, the investment arm of the Teachers Insurance and Annuity Association of America.
The latest round of fundraising includes equity investment from Nuveen, which managed $1.2 trillion at the end of March 2024, and debt from the International Development Finance Corporation and InCred Alternative Investments.
This is the second round of fundraising by the Pune startup in the last 16 months.
In January 2023, the company said that in a Series C investment round it had raised $25 million, some of which came from Coromandel International, a a listed fertiliser maker with a market capitalisation of nearly ₹33,000 crore (about $397 million), owned by the Murugappa Group.
HDFC Bank and Axis Bank had lent money to the 14-year old startup as part of the fundraising in January 2023.
Entrackr estimated Ecozen’s valuation at about ₹370 crore ($45 million) in December 2022.
Ecozen, founded in 2010 by three IIT Kharagpur graduates, aims to take its products to Southeast Asia and Africa. “The company has grown 5 time over the last two years, with profits growing 3 times,” a statement released to the press added.
ALSO READ:
Will Katchatheevu resurgence in the campaign help BJP in Tamil Nadu
STARTUP DIGEST: BharatPe elevates Nalin Negi as its CEO, Rakul Preet opens her first restaurant, GPS
Meesho may raise nearly twice the money it wanted to
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter
Daily Newsletter
