Cygni Energy Raises $6.4 mn to Back Expansion

Cygni Energy 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.

Courtesy: Pixbay

Hyderabad based innovative Solar-DC solutions startup, Cygni Energy has raised a funding of USD 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.

Moreover, the company had risen its previous funding in 2014 when it was also tagged as the first company to be reorganized under start-up program. Adding to the milestones that the company had achieved, former Circle Chief Technology Officer of Airtel, Paramjit Singh was roped in as Chief Operating Officer (COO).

Also, the company posted annual revenues of USD 7.8 Million for the financial year 2018 and is looking at a buoyant growth of 300-400% in the next fiscal.

Today, 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 micro-grid solutions which are energy efficient and reliable offering for today’s power needs.

Speaking on the announcement CEO, Cygni Energy, Venkat Rajaraman said, “This round of funding will help us strengthen our product offering& enhance customer experience. 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, Endiya Partners, Sateesh Andra said, “Renewable and clean energy is the better solution to handle the power demand in our country.”