India, Nov. 12 -- Pune-based deeptech startup Ecozen is raising INR 111.6 Cr (nearly $12.6 Mn) in debt funding from UTI International and Spark Capital.

As per filings with the Registrar of Companies (RoC), Ecozen's board on October 31 approved the issuance of 616 non-convertible debentures (NCDs) to UTI International Wealth Creator 4 at a face value of INR 10 Lakh each. The board also gave its nod to allot 500 NCDs to Spark Alternative Investment Firm.

In its filings, the startup said that the fresh proceeds will be utilised for immediate capital requirements for aiding the growth of the business.

Founded in 2010 by Devendra Gupta, Prateek Singhal and Vivek Pandey, Ecozen offers solar-powered systems to small and marginal farmers. Its...