Coromandel International Ltd, a prominent agriculture solutions provider, announced an increased investment in Ecozen, a leader in climate-smart technology solutions. The investment of ₹24 crore was made through its fully owned subsidiary and corporate venture arm, Dare Ventures. The new investment raises Coromandel’s stake in Ecozen to 5.54 percent, marking an increase of 3.13 percent.
Ecozen is known for its innovative sustainable technologies, including solar-powered irrigation systems (Ecotron) and cold storage solutions (Ecofrost), benefiting over 1,80,000 farmers across India.
The company utilizes cutting-edge technologies like Artificial Intelligence (AI), the Internet of Things (IoT), and energy storage to enhance agricultural productivity, reduce greenhouse gas emissions, and minimize food waste. As reported by Business Standard, Ecozen aims to extend its innovative solutions to markets in Africa and Southeast Asia, promoting climate-smart agricultural practices.
Jayashree Satagopan, President and CFO of Coromandel International, commented, “Ecozen’s significant progress and dedication to improving farmers’ lives are in perfect alignment with our goal of fostering a smart and sustainable future. Our augmented investment in Ecozen demonstrates our trust in their capacity to generate enduring value and drive meaningful change”.
Devendra Gupta, CEO and Co-founder of Ecozen said, “With the backing of Coromandel, we are more poised than ever to speed up the global adoption of climate-smart technologies, thereby empowering farmers and promoting sustainable development”.
