Cygni Energy, an energy storage startup, is set to raise Rs 60 crore (approximately $6.4 million) from its existing investor Meridian Global Ventures. This marks the company’s first significant funding round in nearly four years. Cygni Energy plans to issue 4,16,667 compulsorily convertible preference shares at Rs 1,440 per share, with Meridian Global Ventures expected to increase its stake to 49.23% post-allotment.
The funding will support Cygni Energy’s expansion initiatives, focusing on enhancing its battery energy storage solutions and strengthening its position in the clean energy sector. Founded in 2014, Cygni Energy specializes in developing lithium-ion battery packs and energy storage solutions for electric mobility and renewable energy applications, with a focus on advanced manufacturing capabilities in India.
Prior to this funding round, Cygni Energy had raised approximately $19 million, including a substantial investment from Meridian Global Ventures and Indian Overseas Bank in 2022. Despite a slight revenue decline projected for FY25 compared to FY24, the company remains committed to advancing its technological offerings and market presence.
Source: Entrackr : Latest Posts