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Cold storage maker Ecozen raises Series-A funding from Omnivore Partners
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Saturday, 11 April, 2015, 08 : 00 AM [IST]
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Our Bureau, Mumbai
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fiogf49gjkf0d Ecozen Solutions announced recently that it has raised Series-A investment from Omnivore Partners, a venture fund investing in early stage agriculture & food technology companies in India.
Based in Pune and Raipur, Ecozen Solutions manufactures proprietary, solar-powered, micro cold storage units and water pumping technologies for farmers and rural communities.
It was founded in 2009 by a team of engineers from IIT Kharagpur who opted out of campus placements. In 2012, the company won the Power of Ideas Award and the Dow Sustainability Innovation Challenge at the California Institute of Technology.
The company initially focussed on differentiated solar pumping solutions, and to date has installed over 125 pumps in Chhattisgarh, Bihar and Assam. The company is working on new technologies that allow pumps to utilise solar power more efficiently and which can mitigate the risk of groundwater depletion.
The company is currently deploying a micro cold storage solution, targeted at horticulture and floriculture farmers. Micro cold storage is a last mile solution for India’s cold chain, which enables farmers to sell their fresh produce at a time of their choosing. Farmers using micro cold storage realise higher prices for their crop by avoiding the glutted markets that occur at harvest time. Having successfully piloted micro cold storage in Karnataka, the company is now scaling up installations nationwide.
Omnivore Partners has taken a substantial minority stake in Ecozen and will be joining the board of directors.
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