Coromandel raises its stake in climate-tech startup Ecozen

CHENNAI: Coromandel International has increased its stake in Ecozen, a climate-technology company, with an additional investment of Rs 24 crore.

With the investment made through its wholly owned subsidiary and venture capital arm Dare Ventures, Coromandel’s shareholding in Ecozen increased to 5.54% from 3.13%,

Ecozen is working in solar-powered irrigation and cold chain systems. It uses Internet of Things (IoT), AI and energy storage to improve agricultural incomes and reduce food waste, according to a release.

Ecozen registered a turnover of Rs 274 crore in FY23 and aims at expanding its market presence into Africa and Southeast Asia.

Devendra Gupta, co-founder and CEO of Ecozen, said, “We are confident in our ability to accelerate the adoption of climate-smart technologies.”



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