Startups in India were given a plethora of assurances by the Government. Some of which are being implemented while there are quite a few which are yet to see the light of the day
In a country like India, enterprise is the need of the hour as it is not possible for the Government to provide employment to every unemployed individual in the country. Indians always had an innate entrepreneurial attitude as their unique attribute. All they need is a conducive environment free from cumbersome compliance confusions to throb and thrive.
Cygni Energy, a Hyderabad based startup, is just a year old and has struck the right chords already with its music all set to become louder. Cygni Energy became the first start up to get benefited from the Start-up India Action Plan of the Government. The renewable energy company is all set to file for patent under the fast-track mode meant for startups for its inverterless solar energy technology. It will be an interesting anecdote to look at the benefits it received against those that were promised by the Government to start ups.
Cygni Energy Innovation:
The Policy of the Government stressed for innovation to be an essential ingredient for being eligible under the list of beneficiaries.It was seen as a very stringent condition as the onus was on the concerned start up to prove the innovativeness of their product design.
Amidst all this and out of about 30 shortlisted applications last month from a total of 200 for consideration by the inter-ministerial board for tax and intellectual property rights (IPR) related benefits. Cyngi Energy came out with flying colors succeeding in meeting the requisite criteria and proving its flamboyance with innovativeness.
Cygni Energy Product Design:
The product provides an inverter-less solar power backup with a promise of 40% savings in energy. This is an innovative power back-up solution replacing the traditional inverters. The solution would help reducing electricity bills by 50% through intelligent use of solar, battery and energy-efficient DC equipment. The main aim of Cygni is to bring solar energy solutions into homes and offices and revamp the now AC (Alternating Current) based power supply to a more efficient and cost-effective DC supply.
CEO of Cygni Energy Venkat Rajaraman is a Stanford graduate who developed the idea of Cygni Energy at Indian Institute of Technology, Madras. Having worked at Sun Microsystems in the US, followed by a stint at Portal Player, which developed the iPod’s chip, Rajaraman came back to India in 2007 to work at Su-Kam Power Systems.
As noted from the interaction with the CEO, The whole process of the Startup India program was online and transparent, which is a refreshing change. Cygni Energy has also applied for tax benefits announced under the scheme so that the money can be flown back into the business.
While its presence is currently limited to India, it is making plans to take its products to North Africa and Southeast Asia this year. Cygni has so far received private equity investment of Rs 10 crore from Sasken which it plans to expand the manufacturing capacity from 36,000 units a year to 1 lakh units by the year end. Cygni is getting ready to tap the huge potential in renewable sector in the current scenario which is seeing a lot of opportunities to explore.