Cygni Energy raises $6.4 million through debt and equity
One of the largest Hyderabad based Cygni Energy Private Limited which is an innovative Solar-DC solutions startup announced that it has raised an amount of $ 6.4 Million through a combination of both the Equity and Debt. The equity funding is led by Endiya Partners, which is also 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 making more expansion with respect to capacity, strengthening R&D capabilities and increasing market reach.
The startup which is founded in the year 2014, by Venkat Rajaraman, Cygni’s offers an innovative technology which provides green solar energy and DC power at a very less cost. The startup designs, manufactures, and sells inverter-less solar power backup DC technology solutions which removes the requirement of AC to DC and DC to AC conversions which helps in reducing the cost of production of per unit watt power.
This technology was solely developed by one of the leading company that is Cygni in collaboration with IIT Madras team. Cygni has brought electricity to over 20000 homes across the PAN India and is building first DC Microgrid city in the city of Sasaram, Bihar.
Cygni manufactures one of the most efficient solar controllers and had raised first funding in the year 2014. It was the first company to be recognized under the program which is engaged in startup India Program.
Commenting on the development, Sateesh Andra ofEndiya 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.”