Coromandel hikes its shareholding in climate-smart deep-tech company, Ecozen

Coromandel hikes its shareholding in climate-smart deeptech company, Ecozen
Ecozen leverages advanced technologies including AI, IoT and energy storage to boost agricultural incomes and also significantly reduce greenhouse gas emissions and food losses

India: Coromandel International, one of India’s leading agri solutions companies, has announced increasing its investment in Ecozen, a climate-smart technology solutions provider. The Rs 24 crores investment was made through its wholly-owned subsidiary and corporate venture capital arm Dare Ventures. With this, Coromandel has increased its shareholding in Ecozen to 5.54 per cent, an increase of 3.13 per cent.

“Ecozen is known for its innovative and sustainable solutions such as the solar-powered irrigation (Ecotron) and cold chain systems (Ecofrost) that have positively impacted the lives of over 180,000 farmers in India. The company leverages advanced technologies including Artificial Intelligence (AI), Internet of Things (IoT) and energy storage to boost agricultural incomes and also significantly reduce greenhouse gas emissions and food losses. Ecozen clocked a turnover of Rs 274 crores in FY23, quintupling its growth in the last three years, underscoring the increased consumer acceptance and demand for sustainable solutions. The company has further set its sights on expanding its offerings and market presence into Africa and Southeast Asia to build climate-smart solutions for agriculture,” the investor said.

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Jayashree Satagopan, President, Corporate & CFO, Coromandel International, said, “The remarkable strides made by Ecozen, and its commitment to driving positive impact on farmers’ livelihoods aligns with our vision of building a smart and sustainable future. Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”

Devendra Gupta, CEO, and Co-Founder of Ecozen, expressed his gratitude for Coromandel’s increased support and investment through Dare Ventures, saying, “We are immensely grateful for the continued support and investment from Dare Ventures, which underscores their belief in our mission and potential. Their contribution has been instrumental in expanding our impact and reach. With Coromandel by our side, we are confident in accelerating the adoption of climate-smart technologies globally, empowering farmers and fostering sustainable growth.”

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