Pune-based agritech firm Ecozen has raised $30 million (about Rs 250 crore) in a mix of equity and debt from existing investors including US-based global investment manager Nuveen, according to reports.

Through Ecozen's sole advisor Setuka Partners, the U.S. International Development Finance Corporation and InCred Credit Fund completed the debt support in the deal.

Over the last two years, Ecozen claims to have expanded five times and tripled its profit. The company that produces pump controllers and solar-powered cold storage rooms wants to treble its earnings by 2024–2025.

In addition to ambitions to use a tech stack consisting of sophisticated motors and controls, thermal energy storage, artificial intelligence, and the Internet of Things (IoT) to penetrate new markets going through a shift to cleaner energy sources, the company is counting on a robust demand for its current goods.

The company's pumping and cooling solutions for agricultural, along with these ones, will decarbonize industries including milling, mobility, retail, and industrial. Additionally, Ecozen plans to significantly increase its product range and market share in Southeast Asia and Africa.

“The capital raised will enable us to scale our operations and deepen our market penetration in domestic and international territories,” says Ecozen CEO Devendra Gupta.

Three IIT Kharagpur grads, Gupta, Prateek Singhal, and Vivek Pandey, launched Ecozen in 2010. It creates deeptech, climate-smart solutions for energy storage, IoT, and motor controls. Among its offerings are the irrigation solution Ecotron and the cold-chain solution Ecofrost.

“Supporting companies like Ecozen aligns perfectly with Nuveen’s commitment to invest in businesses that have a profound impact on climate change mitigation and resilience,” says Rekha Unnithan, managing director, Nuveen.