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Exclusive: Meridian Global nears controlling stake in Cygni Energy with fresh funding

Entrackr · 18d ago

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Exclusive: Meridian Global nears controlling stake in Cygni Energy with fresh funding Energy storage startup Cygni Energy is set to raise Rs 60 crore (around $6.4 million) from existing investor Meridian Global Ventures. This is its first major funding after a gap of nearly four years. The board at Cygni Energy has passed a special resolution to issue 4,16,667 compulsorily convertible preference shares (CCPS) at a price of Rs 1,440 per share to raise the above-mentioned amount, according to its filing reviewed by Entrackr. According to Entrackr’s estimates, the company is expected to be valued at around Rs 244 crore post-money. As per the filings, following the allotment, Meridian Global Ventures will increase its stake in the firm to 49.23%. The proceeds will be utilised to support the company’s expansion plans, including scaling its battery energy storage solutions and strengthening its presence in the clean energy ecosystem, according to the filing. Founded in 2014 by Venkat Rajaraman, Cygni Energy is a battery technology startup that develops lithium-ion battery packs and energy storage solutions for electric mobility and renewable energy applications, focusing on building advanced manufacturing capabilities in India. Prior to this round, Cygni Energy had raised around $19 million to date, including Rs 100 crore ($12.5 million) in a mix of debt and equity from Meridian Global Ventures and Indian Overseas Bank in August 2022. During FY25, Cygni Energy's revenue from operations dropped to Rs 38.4 crore from Rs 47 crore in FY24, while the firm's losses increased to Rs 8.64 crore during the said period.