Exponent Energy secures $26.4Mn in Series B for its fast EV charging solutions
Bengaluru-based Exponent Energy, a pioneering energy tech startup specialising in 15-minute fast charging for electric vehicles (EVs), has successfully raised $26.4 million in its Series B funding round led by Eight Roads Ventures, a Fidelity-backed venture capital firm. The funding round also witnessed an investment from TDK Ventures, marking their inaugural entry into India’s EV sector. Existing investors, including Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, also participated.
Founded in 2020 by former Ather Energy executives Arun Vinayak and Sanjay Byalal, Exponent Energy has positioned itself at the forefront of EV charging solutions, introducing an innovative new 15-minute rapid charging technology and offering a remarkable 3000-cycle life warranty for EV batteries. The company’s proprietary suite of products includes the e^pack battery pack, the e^pump charging station, and the e^plug charging connector.
With this latest funding round, Exponent Energy has accumulated a total of $44.4 million in its three years of operation. The startup plans to utilise the fresh capital to expand its operational footprint into five additional cities by the fiscal year 2024. Additionally, Exponent Energy aims to diversify its offerings in the electric three-wheeler (e3W) domain and penetrate the intercity electric bus (e-bus) segment by 2024.
Arun Vinayak, Co-founder & CEO of Exponent Energy, expressed excitement about the new funding and gratitude to both new and existing investors. Nicolas Sauvage, President of TDK Ventures, lauded Exponent’s achievements, emphasising the revolutionary nature of their 15-minute rapid charging solution using standard LFP cells. Sauvage highlighted that this breakthrough allows EVs to adopt more compact battery packs, swiftly charging within a concentrated public charging infrastructure and effectively removing range anxiety.
Exponent Energy plans to deploy 1,000 e^pumps (charging stations) and facilitate 25,000 Exponent-powered EVs by 2025, demonstrating a commitment to advancing charging accessibility and promoting widespread adoption of electric mobility.
The funding round signifies the first investment in India’s EV sector by both TDK Ventures and Eight Roads Ventures, further underlining the increasing interest and growth potential in the country’s electric vehicle landscape. The collaboration between Exponent Energy and TDK Ventures aims to reduce the cost structure of rapid charging technology, making electric mobility more accessible to a broader audience.
Investors see Exponent Energy’s innovative battery technology and rapid charging solutions as pivotal in addressing the challenges of limited infrastructure and longer charging times for EVs. As the company continues its trajectory of growth, it plans to strengthen manufacturing operations, expand into new vehicle categories, and enhance charging infrastructure to drive the adoption of electric vehicles. With continued investments and partnerships, the startup is positioned to play an important role in shaping the future of sustainable and electrified transportation in India.
