Ecozen, an agriculture-focused deep-tech start-up, raised Rs 82.4 crore ( nearly $10 million) from Nuveen Global Fund in the second tranche of a planned Rs 200 crore Series C round, Entrackr reported. 

The administrative board passed an order to issue 1,06,657 Series C2 CCPS at an issue price of Rs 7725.67 each to generate this amount, the RoC (register of companies) filings revealed. 

With this latest development, Nuveen Fund became the largest stakeholder in the company with a 28.90 per cent share. Devendra Gupta and Prateek Singhal, the other two promoters hold 39.2 per cent, Entrackr reported. 

After the latest allotment, Ecozen has been valued at Rs 370 crore or $45 million. 

The company received Rs 54 crore in the first tranche in June this year. The round was led by Dare Ventures, the investment arm of Coromandel International. It also bagged an investment of $6 million in November 2019. 

Founded by Devendra Gupta, Prateek Singhal and Vivek Pandey, the Pune-based start-up is known for providing technology-driven climate solutions. It has two core products. Ecofrost and Ecotron. 

Recently, the company claimed that it witnessed a 66.3 per cent increase in its operating income to Rs 110 crore in the fiscal year ( FY) 2022. It also managed to narrow down its losses by 88.5 per cent to Rs 37 lakh.