Pune headquartered Ecozen’s revenue headed for a steep rise to Rs 295.5 crore in FY23. This was a 2.4X growth as compared to its preceding fiscal year’s Rs 123 crore.
Ecozen is a deeptech firm that develops climate-smart deeptech solutions and core technology stacks to deliver a sustainable future, including motor controls, IoT, and energy storage.
Following the rise in revenue, the firm saw a similar rise with the revenue generated from operations. The number climbed to Rs 293 crore in FY23 from FY22’s Rs 122 crore.
Founded by Devendra Gupta, Prateek Singhal, and Vivek Pandey, Ecozen’s product Ecotron is powered with robust hardware and software which ensures impeccable water output while Ecofrost is a solar cold storage room that provides freshness to farm produce.
Cost of materials turned out of be one of the major areas of expenses for the agriculture focused startup. While employee benefits cost over Rs 18 crore, finance costs contributed close to Rs 10 crore the same fiscal year.
These expenses pushed the overall expenditure of the company to rise over two fold to Rs 289.5 crore in FY23 as compared to FY22’s Rs 124 crore.
The 2010 founded firm recently raised over Rs 250 crore in its Series D round led by Nuveen Global Fund. Post the fundraise, Nuveen Global Impact Fund and Omnivore India Capital Trust were major stakeholder while founders Prateek Singhal and Devendra Gupta held over 10% of the company shares.
In 2023, it secured its Series C round of over Rs 200 crore from Nuveen Global Fund
Its generated profits of Rs 5.7 crore in the fiscal year ending March 2023. It had previously incurred losses amounting to Rs 37 lakhs in FY22. Its current EBITDA margin and ROCE stand at positives of 6.05% and 9.78% respectively.