Energy storage startup Cygni Energy Pvt. Ltd on Thursday said it has secured $12.5 million (around Rs 97 crore) from Meridian Global Ventures and Indian Overseas Bank in a mix of debt and equity funding round.
The Hyderabad-based firm plans to use the fresh capital to boost product, ramp up business and to roll out greenfield manufacturing plant in Telangana.
Founded by Venkat Rajaraman in 2014, Cygni is an energy generation, storage and processing technology solutions enterprise. The startup claims to have deployed over 125 MWh of storage solutions and powered over 60,000 electric vehicles.
“The need for enhancing EV battery performance, safety and access to quality products has never been more pressing. This round of funding will help us strengthen our product offering & set up the greenfield manufacturing facility with a capacity of 1.2 gwh per annum," said Rajaraman.
"We see Cygni take a unique position to revolutionize the energy storage market by using technology and manufacturing. The company’s rapid growth demonstrates the strong demand for best-in-class products for electric vehicles and energy storage," said Rahul Saraogi, Managing Director at Meridian Global Ventures.
The energy space in India has been gaining traction from investors for quite some time now.
In June, Mumbai-based energy platform SolarSquare has secured seed funding of $4 million led by Good Capital, with participation from US-based Lowercarbon Capital, Symphony Asia and Nithin Kamath’s Rainmatter.
In the same month, climate change-focused startup Terra.do has closed a seed funding of $5 million (around Rs 38.5 crore) led by Avaana Capital.
