Coromandel Broadens Agtech Presence; Boosts Ownership in Ecozen, a Climate-Savvy Deeptech Firm

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Coromandel Broadens Agtech Presence; Boosts Ownership in Ecozen, a Climate-Savvy Deeptech Firm

Team FS

06/May/2024

Key Points:

Strategic Investment: Coromandel International, a leading agri solutions company, bolsters its investment in Ecozen, a climate-smart technology solutions provider, amplifying its shareholding to 5.54% through a Rs 24 crore investment via Dare Ventures Limited.
Innovative Solutions: Ecozen's pioneering technologies, including solar-powered irrigation and cold chain systems, have positively impacted over 180,000 farmers in India, leveraging AI, IoT, and energy storage to enhance agricultural productivity while reducing greenhouse gas emissions and food losses.
Global Expansion: With a turnover of Rs 274 crores in FY23 and plans to penetrate markets in Africa and Southeast Asia, Ecozen aims to broaden its offerings and market presence, spearheading the adoption of climate-smart solutions for sustainable agriculture.

In a significant move towards driving sustainable agriculture solutions, Coromandel International Limited elevates its commitment to Ecozen, a trailblazing player in climate-smart technology solutions. Through its corporate venture capital arm, Dare Ventures Limited, Coromandel injects Rs 24 crores into Ecozen, amplifying its shareholding to 5.54%. This strategic investment underscores Coromandel's dedication to fostering innovation and sustainability in agriculture, aligning with its vision of building a smart and sustainable future.

Ecozen's innovative portfolio, featuring solar-powered irrigation systems (Ecotron) and cold chain solutions (Ecofrost), has garnered widespread acclaim for its transformative impact on the lives of over 180,000 farmers across India. Leveraging advanced technologies such as Artificial Intelligence, Internet of Things, and energy storage, Ecozen enhances agricultural productivity while simultaneously mitigating environmental impact by reducing greenhouse gas emissions and food losses. With a turnover of Rs 274 crores in FY23, marking a quintuple growth over the past three years, Ecozen's success underscores the burgeoning demand for sustainable agricultural solutions and the increased consumer acceptance of climate-smart technologies.

Looking ahead, Ecozen sets its sights on broader horizons, aiming to expand its offerings and market presence into Africa and Southeast Asia. By venturing into new territories, Ecozen seeks to address the global imperative of sustainable agriculture, empowering farmers with innovative solutions tailored to local needs and challenges. This expansion drive not only amplifies Ecozen's impact but also reinforces its position as a frontrunner in the climate-smart technology landscape.

Ms. Jayashree Satagopan, President, Corporate & CFO, Coromandel International Limited, expresses confidence in Ecozen's mission and potential, emphasizing the alignment between Ecozen's commitment to driving positive change and Coromandel's vision of sustainability. With Coromandel's increased support, Ecozen is poised to accelerate the adoption of climate-smart technologies globally, catalyzing sustainable growth and empowering farming communities.

Mr. Devendra Gupta, CEO, and Co-Founder of Ecozen, extends gratitude for Coromandel's continued support and investment, recognizing Dare Ventures' pivotal role in fueling Ecozen's expansion journey. With Coromandel as a strategic partner, Ecozen is poised to scale new heights, advancing its mission of revolutionizing agriculture through innovation and sustainability. Together, Coromandel and Ecozen embark on a journey towards a greener, more resilient future, driving positive change and creating enduring value for stakeholders and society at large.

Also Read : Zen Technologies shares locked in 5% lower circuit; Management forecasts doubling of FY25 revenue

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Coromandel Broadens Agtech Presence; Boosts Ownership in Ecozen, a Climate-Savvy Deeptech Firm

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