The startup will use raised capital in expanding capacity, strengthening R&D capabilities and increasing market reach, said in a statement.
Speaking on the announcement, Venkat Rajaraman, CEO, Cygni Energy said, “This round of funding will help us strengthen our product offering& 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.”
Founded in 2014, by Venkat Rajaraman, Cygni designs, manufactures, and sells one of the most efficient solar controllers. The company focuses on creating more efficient power and brighter future by providing green solar energy and DC power at a reasonable cost advantage.
The startup which raised an initial funding in 2014 was the first company to be recognised under the ‘Startup India’ program. It has received a grant from Millennium Alliance (FICCI in partnership with USAID, TDB, and World Bank) for developing Solar-DC microgrid systems.
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.
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.”
The company is also boosting its leadership team and has roped in Mr. 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% in the next fiscal.