Coromandel International has announced increasing its investment in Ecozen, a pioneering climate-smart technology solutions provider. The Rs 24 crore 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%, an increase of 3.13%.
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 reducing greenhouse gas emissions and food losses.
Ecozen clocked a turnover of Rs 274 crores in FY23, quintupling its growth in 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.