Participated · Series C · Jan 2023

Ecozen Solutions develops hardware-led, solar-powered products that improve the farm-to-fork value chain, notably Ecofrost (portable solar cold storage) and Ecotron (smart solar pump controllers). Its systems are embedded with AI and IoT to cut post-harvest losses and raise farmer incomes, and the company says it has touched 1.2 million+ lives while manufacturing more than 300,000 Ecotron units to date, including 100,000 in the nine months to December 2024. Revenue surged to about INR 889 crore in FY25 with profit nearing INR 95 crore, reflecting an 83 % three-year revenue CAGR and improving EBITDA margins. Founded by IIT alumni Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen is also expanding into adjacent cooling and solar applications that leverage its motor-control and energy-storage expertise. The firm has cumulatively secured over USD 70–76 million in equity and debt financing, including a USD 30 million mix round in April 2024. Ecozen’s rising order book for climate-smart agri hardware underpins its need for structured debt to finance inventory and working capital. Management intends to use fresh capital to support continued volume scaling and geographic expansion.

Participated · Series A · Sep 2020

Founded in 2012 by Mainak Chakraborty and Sreekrishna Sankar, GPS Renewables develops, produces, and distributes biofuels and bioenergy infrastructure. The company says it has delivered over 30 projects that are operational or nearing completion and has visibility into more than 200 compressed biogas (CBG) projects being developed with oil marketing companies. GPS Renewables recently secured an EPC contract from NTPC to build India’s first ethanol-to-jet sustainable aviation fuel plant, indicating expansion into higher-value biofuel projects. It has an asset-holding platform called GPSR Arya that has attracted equity investments from a major South Korean conglomerate and prior funding from Sojitz Corporation. The company employs over 800 people and reports annual revenue of around Rs 1,000 crore. Current and recent financings include a $20 million Series B in 2022, $50 million of debt in 2024, and the Rs 635 crore Series C in 2025.