Cygni Energy Pvt Ltd, a Solar-DC solutions start-up, has raised $6.4 million through a combination of equity and debt to fuel its expansion.
The equity funding is led by Endiya Partners, a leading early-stage venture capital firm that invests in product start-ups, and the debt portion by IndusInd Bank. The funds will help the start-up in expanding capacity, strengthening R&D capabilities, and increasing the market reach.
The Hyderabad-based Cygni manufactures efficient solar controllers and had raised initial funding in 2014. It was the first company to be recognized under the Startup India program.
The start-up has received grants from Millennium Alliance (FICCI in partnership with USAID, TDB, and World Bank) for developing Solar-DC microgrid systems.
The company 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 that are energy efficient.
Venkat Rajaraman, the CEO, Cygni Energy, said, “This round of funding will help us strengthen our product offering and enhance the 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.”
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.”
Ashok Jhunjhunwala, Professor at IITM, said “IITM has worked closely with Cygni to develop the Inverterless technology. This product was built 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.”
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. It had posted annual revenues of $ 7.8 million for the financial year 2018 and is looking at a buoyant growth of 300-400 percent in the next fiscal.
