Agriculture solutions provider Coromandel International has raised its stake in climate-smart deep-tech company Ecozen with a ₹24 crore investment by subsidiary and corporate venture capital arm Dare Ventures.
“Dare Ventures is acquiring 3.13% equity stake... with this our company will hold 5.54% stake in Ecozen,” Coromandel said in a filing.
The Murugappa group firm said with sustainable solutions like solar-powered irrigation, Ecozen has bettered more than 1.8 lakh Indian farmers’ lives.
In FY23, Ecozen clocked ₹274 crore turnover, increasing by fivefold, its growth over the last three years. It has further set its sights on expanding offerings and market presence into Africa and Southeast Asia to build climate-smart solutions for agriculture.
“Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders,” President, Corporate and CFO of Coromandel Jayashree Satagopan said.
Ecozen leverages advanced technologies including Artificial Intelligence (AI), Internet of Things (IoT) and energy storage to boost agricultural incomes and to significantly reduce greenhouse gas emissions and food losses. “Immensely grateful for the continued support and investment from Dare Ventures... their contribution has been instrumental in our journey towards expanding our impact and reach,” CEO and co-founder Devendra Gupta said in a release.
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