Coromandel expands agtech footprint, increases shareholding in Ecozen

Coromandel International Ltd, India’s leading agri solutions company, 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 per cent, an increase of 3.13 per cent. Ecozen is known for its innovative and sustainable solutions, such as the solar-powered irrigation system (Ecotron) and cold chain systems (Ecofrost), which 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 while significantly reducing greenhouse gas emissions and food losses.

Ecozen clocked a turnover of Rs 274 crore in FY23, quintupling its growth over the 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.

Jayashree Satagopan, president, corporate & chief financial officer, Coromandel International, 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.”

Devendra Gupta, CEO and co-founder, Ecozen, said, "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."