Coromandel Expands Agtech Footprint; Increases Shareholding in Ecozen, a Climate-smart Deeptech Company
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Coromandel International Limited, India’s leading agri solutions company, has announced increasing its investment in Ecozen, a pioneering climate-smart technology solutions provider. The Rs 24 crores investment was made through its wholly owned subsidiary and corporate venture capital arm Dare Ventures Limited. 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.
Ms. Jayashree Satagopan, President, Corporate & CFO, Coromandel International Limited, stated, "The remarkable strides made by Ecozen, and its commitment to driving positive impact on the livelihoods of farmers aligns with our vision of building a smart and sustainable future. Our increased shareholding in Ecozen reflects our confidence in the company’s ability to drive positive change and create long-term value for stakeholders.”
Mr. Devendra Gupta, CEO, and Co-Founder, Ecozen, expressed his gratitude for Coromandel’s increased support and investment through Dare Ventures, stating, "We are immensely grateful for the continued support and investment from Dare Ventures, which underscores their belief in our mission and potential. Their contribution has been instrumental in our journey towards expanding our impact and reach. With Coromandel by our side, we are confident in our ability to accelerate the adoption of climate-smart technologies globally, empowering farmers and fostering sustainable growth."
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