Comments
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 an initial funding in 2014. It was the first company to be recognised under Startup India programme.
The start-up has received grant 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 which are energy efficient.
Venkat Rajaraman, CEO, Cygni Energy, said, “This round of funding will help us strengthen our product offering and 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.”
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 revolutionise 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 per cent in the next fiscal.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.