The company posted annual revenues of $ 7.8 Million for the financial year 2018. Pic for representation only

Speaking on the announcement, Venkat Rajaraman, CEO, Cygni Energy said, "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. We are excited to welcome Endiya Partners as a new Investor and mentor. Their investment not only validates our belief in the technology but also gives us the push to accelerate and achieve our dreams."

Commenting on the development, Sateesh Andra of Endiya Partners said, "Renewable and clean energy is the better solution to handle the power demand in our country. We see Cygni take a unique position to revolutionize the way energy is stored and consumed by using technology to provide affordable clean energy to consumers. The company's rapid growth demonstrates the strong demand for easy, affordable access to renewable energy in our country. We are pleased to lead the investment round with Cygni and partner with them on their growth journey."

Ashok Jhunjhunwala, Professor at IITM said "IITM has worked closely with Cygni to develop the Inverterless technology. This product was built ground up 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."

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