<article>Hyderabad based <a href="https://www.dealstreetasia.com/?s=Cygni Energy Pvt Ltd" target="_blank" rel="noopener">Cygni Energy Pvt Ltd</a>, a Solar-DC solutions start-up, on Tuesday announced that it has raised $6.4 million through a combination of equity and debt.</article>

Hyderabad based <a href="https://www.dealstreetasia.com/?s=Cygni Energy Pvt Ltd" target="_blank" rel="noopener">Cygni Energy Pvt Ltd</a>, a Solar-DC solutions start-up, on Tuesday announced that it has raised $6.4 million through a combination of equity and debt.
The equity funding was led by <a href="https://www.dealstreetasia.com/?s=Endiya Partners" target="_blank" rel="noopener">Endiya Partners</a>, a leading early-stage venture capital firm that invests in product startups, while the debt portion was secured from <a href="https://www.dealstreetasia.com/?s=IndusInd Bank" target="_blank" rel="noopener">IndusInd Bank</a>. The funds will help the startup in expanding capacity, strengthening R&amp;D capabilities and increasing market reach, it said in a statement.
The company is also boosting its leadership team and has roped in Paramjit Singh as chief operating officer, who earlier served as the circle chief technology officer with Airtel.
&#8220;This round of funding will help us strengthen our product offering and 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,&#8221; Venkat Rajaraman, CEO, Cygni Energy, said.
Cygni, which makes efficient solar controllers, had raised an initial funding in 2014. It was the first company to be recognised under the Startup India programme, the statement added.
The company claims to have deployed its products in more than 20,000 homes. It had posted annual revenues of $ 7.8 million for the financial year 2018 and is looking at a growth of 300-400 per cent in the next fiscal.
Ashok Jhunjhunwala, Professor at IITM, said, &#8220;IITM has worked closely with Cygni to develop the inverterless technology. This product was built with high efficiency and affordability in mind. We are confident that this product will play a pivotal role in eliminating energy poverty and provide an efficient solution for developing economies.&#8221;
Also Read:
<a href="https://www.dealstreetasia.com/stories/fotowatio-exit-solar-project-india-105104/" target="_blank" rel="noopener">Fotowatio Renewable Ventures looks to exit India solar project</a>

Hyderabad based Cygni Energy Pvt Ltd, a Solar-DC solutions start-up, on Tuesday announced that it has raised $6.4 million through a combination of equity and debt.

India: Endiya Partners, IndusInd Bank lead $6.4m funding in Cygni Energy

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: Endiya Partners, IndusInd Bank lead $6.4m funding in Cygni Energy

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief