Exclusive: Ecozen to raise Rs 95 Cr debt from Momentum Capedge

Climate-focused deeptech startup Ecozen is raising Rs 95 crore (approximately $10.7 million) in debt funding from Momentum Capedge Limited. This is the third debt injection for the Pune-based company in the past 12 months.

Before this, Ecozen had raised $12.5 million in debt from UTI International and Spark Capital, which Entrackr had exclusively reported, as well as $23 million from responsAbility Investments AG, Northern Arc Capital Limited, and others.

The board at Ecozen has passed a special resolution for approval to issue 950 Series E non-convertible debentures (NCDs) at a face value of Rs 10 lakh each to raise Rs 95 crore, including a green shoe option of up to Rs 25 crore, according to its filing with the Registrar of Companies (RoC).

According to the filing, the debentures carry an interest rate of 11.5% per annum with a tenure of 27 months, and the debt proceeds will be used for immediate capital requirements to aid the growth of the business.

Founded by Devendra Gupta, Ecozen provides climate-smart deep-tech solutions built on core technology stacks such as motor controls, IoT, and energy storage, leveraging solar power. The company’s key products include Ecotron (solar pump controller), Ecofrost (solar cold storage), solar AC, solar panels

According to startup data intelligence platform TheKredible, Ecozen has raised over $76 million to date through a mix of debt and equity. Nuveen Global and Omnivore are the company’s lead investors.

For the fiscal year ended March 2025, the Pune-based company’s operating scale expanded over 2.5X to Rs 1,150 crore from Rs 458.5 crore in FY24, while profits surged 4.7X to Rs 95 crore.

Ecozen competes with Powerflex, Inficold and Khetworks.