Updated: Aug 23, 2018 13:08 IST
New Delhi [India], Aug 23 (ANI): Cygni Energy, an innovative Solar–DC solutions startup, has announced raising funds worth USD 6.4 million through a combination of equity and debt.
The equity funding, which 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, will enable Cygni in expanding capacity, strengthening R&D capabilities and increasing market reach.
The company focuses on creating more efficient power and brighter future by providing green solar energy and DC power at a reasonable cost advantage.
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.
“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,” said CEO Cygni Energy, Venkat Rajaraman.
“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,” said Sateesh Andra of Endiya Partners.
Adding to this Ashok Jhunjhunwala, Professor at IITM added that the product offered will play a pivotal role in eliminating energy poverty and provide an efficient solution for developing economies. (ANI)