HYDERABAD: Hyderabad-based Solar-DC solutions startup Cygni Energy has raised $6.4 million through a combination of equity and debt.
The equity funding is led by Endiya Partners, and the debt by IndusInd Bank.“Our focus is on creating efficient power and brighter future by providing green solar energy and DC power at a reasonable cost. We manufacture one of the most efficient solar controllers and had raised an initial funding in 2014,” 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,” he added.
The company posted annual revenues of $7.8 million for the financial year 2018, and is looking at a growth of 300 to 400 per cent in the next fiscal.