Cygni Energy raises USD 6.4 million through debt and equity

Cygni Energy, a city-based Solar-DC solutions startup today said it has raised USD 6.4 million through a combination of equity and debt.

According to a press release from Cygni, the equity funding is led by Endiya Partners, and the debt by IndusInd Bank.

The funds will help the startup in expanding capacity, strengthening R&D capabilities and increasing market reach, it said.

Cygni which manufactures efficient solar controllers raised an initial funding in 2014 and was the first company to be recognised under the 'Startup India' programme.

The company posted annual revenues of USD 7.8 million for the financial year 2018 and is looking to quadrapulate the growth in the next fiscal, the release said.

CEO of Cygni Energy Venkat Rajaraman said, This round of funding will helpthemstrengthen product offeringandenhance 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 said.