Cygni Energy, a solar DC and microgrid solutions provider, has raised $6.4 million in funding Endiya Partners, an early-stage venture capital firm. The amount has been raised through a combination of equity and debt financing and has been made possible by IndusInd Bank.
These funds will be utilised in expanding Cygni’s rural electrification projects, strengthening research and development capabilities, and increasing market reach in India as well as other parts of the world.
Cygni had raised its initial funding in 2014, through a grant from Millennium Alliance (FICCI in partnership with USAID, TDB, and World Bank) for developing its solar-DC microgrid systems.
According to Mercom India, Cygni has posted revenue of $7.8 million for the financial year 2017-18 and is looking at a growth rate of 300-400 per cent in the next fiscal.