Solar energy startup Cygni, an Indian Institute of Technology, Madras incubatee company, is looking to break into the lucrative export markets in Myanmar and Bangladesh.
The company, which manufactures solar power backup and DC (direct current) micro-grid solutions, apart from battery for electric vehicles at its Hyderabad plant, is planning to explore the offshore markets from the next 2020-21 financial year, Cygni Energy CEO Venkat Rajaraman told Business Standard here on Wednesday.
“While we are targetting to double our revenues from nearly Rs 100 crore in 2018-19 to more than Rs 200 crore this fiscal year, we are targetting to export our products in the neighbouring countries of Myanmar and Bangladesh,” he informed.
In 2018, the company had raised an equity funding of $US 6.4 million (roughly Rs 45 crore) from Endiya Partners for its expansion.
“We have invested Rs 25 crore in our manufacturing facility, which has a current plant load factor of nearly 60 per cent,” he said adding more funds would be invested to ramp up the installed capacity and towards the research & development (R&D) going forward. The R&D unit is situated in the IIT Madras campus, he said.
Meanwhile, Cygni has launched its new range of products in the Uttar Pradesh market, which Rajaranman noted was the largest yet ‘challenging’ market for the company, owing to the emphasis on the affordability factor. Cygni battery caters to both the e-rickshaw and e-scooter categories, while it also offers energy solutions for homes and offices, he said.
“The USP of Cygi is the ‘value for money’, energy efficiency and technologically advanced energy solutions propositions for the customers.”
Rajaraman said the company, which was already present in seven states, was now planning to expand its footprint in other states, especially in the North. “We are also in talks with the UP Non-Conventional Energy Development Agency (UPNEDA) for our renewable energy solutions.”