Mumbai, Jun 16 (PTI) Climate-smart deeptech startup Ecozen on Thursday said it has raised Rs 54 crore of additional funding in the first tranche of a planned Rs 200-crore Series C investment round.

The latest funding round was led by Dare Ventures, the venture capital arm of Coromandel International, with participation from existing investors Caspian and Hivos-Triodos Fonds (managed by Triodos Investment Management) through equity, the company said in a statement.

Also Read | Bitcoin Price Forecast: Will World's Number One Cryptocurrency Drop to $12,000?.

Northern Arc, UC Inclusive Credit, Maanaveeya and Samunnati also participated with debt funding. Early investors in Ecozen include IFA and Omnivore.

"We are thrilled to partner with Dare Ventures and other new and existing investors, as we accelerate our growth and bring climate-smart deeptech solutions to new sectors of the economy. The new funding will be used for expanding our product range, manufacturing capacity and boosting exports.

Also Read | Realme C30 India Launch on June 20, 2022; Teased on Flipkart.

"Expanding beyond India and beyond agriculture will enable us to expand our market potential multi-fold and grow exponentially while ensuring sustainability," Ecozen CEO and co-founder Devendra Gupta added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)