Hyderabad: Hyderabad based Cygni Energy Private Limited, an innovative Solar-DC solutions startup announced that it has raised funds of $ 6.4 Million through a combination of Equity and Debt. The equity funding is led by Endiya Partners, a leading early-stage venture capital firm that invests in product startups and the debt by IndusInd Bank, a leading Private Bank in India.
The funds will help the startup in expanding capacity, strengthening R&D capabilities and increasing market reach.
Cygni manufactures one of the most efficient solar controllers and had raised an initial funding in 2014. It was the first company to be recognized under Startup India program. The company is also boosting its leadership team and has roped in Paramjit Singh as Chief Operating Officer, who was earlier serving as Circle Chief Technology Officer with Airtel.
The startup has received a grant from Millennium Alliance (FICCI in partnership with USAID, TDB, and World Bank) for developing Solar-DC microgrid systems. The company posted annual revenues of $ 7.8 Million for the financial year 2018 and is looking at a buoyant growth of 300-400 per cent in the next fiscal.
Cygni has deployed its products in more than 20,000 homes changing the lives of over 100,000 people across India. It provides various Solar DC and microgrid solutions which are energy efficient and reliable offering for today’s power needs.
Speaking on the announcement, Venkat Rajaraman, CEO, Cygni Energy said, “This round of funding will help us strengthen our product offering& enhance customer experience. It will enable us to achieve our mission of building great products that will facilitate rural development and electrification in our country and other parts of the world. We are excited to welcome Endiya Partners as a new Investor and mentor. Their investment not only validates our belief in the technology but also gives us the push to accelerate and achieve our dreams.”
Commenting on the development, Sateesh Andra of Endiya Partners said, “Renewable and clean energy is the better solution to handle the power demand in our country. We see Cygni take a unique position to revolutionize the way energy is stored and consumed by using technology to provide affordable clean energy to consumers. The company’s rapid growth demonstrates the strong demand for easy, affordable access to renewable energy in our country. We are pleased to lead the investment round with Cygni and partner with them on their growth journey.”
Ashok Jhunjhunwala, Professor at IITM said “IITM has worked closely with Cygni to develop the Inverterless technology. This product was built ground up with high efficiency and affordability in mind. We are confident that this product will play a pivotal role in eliminating energy poverty and provide an efficient solution for developing economies.”