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Exponent Energy, a Bengaluru-based energy tech startup specializing in providing rapid 15-minute charging for electric vehicles (EVs), has successfully raised INR 220 crore (approximately $26.4 million) in its Series B funding round. The funding round was led by Eight Roads Ventures, a venture capital firm backed by Fidelity.
TDK Ventures also participated in the funding round, along with Exponent Energy's existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, executive chairman at Hero MotoCorp.
Arun Vinayak, Co-founder and CEO of Exponent Energy, stated that after identifying its product-market fit, the startup aims to strengthen its manufacturing and business operations. Previously focused on three-wheeler cargo, Exponent Energy plans to leverage the same battery technology to enter the three-wheeler passenger category and explore the intercity bus market in 2024.
Exponent Energy's 'e^pump' charging stations, equipped with 'e^plug' connectors and 'e^packs' batteries, currently has 30 installations across Bengaluru. The startup intends to increase 'e^pump' installations in Bengaluru and expand to five other cities—Delhi, Chennai, Hyderabad, Mumbai, and Ahmedabad—in 2024.
The funding, totaling $26.4 million, brings Exponent Energy's total raised capital to $44.4 million. TDK Ventures and Eight Roads Ventures marked their first investment in India's EV sector through this funding round.
The startup plans to collaborate with TDK Ventures to reduce the cost structure of rapid charging technology. Nicolas Sauvage, President at TDK Ventures, expressed excitement about the collaboration, aiming to expand rapid charging accessibility at a reasonable cost and contribute to a more sustainable and electrified future.
Aditya Systla, Partner at Eight Roads Ventures, highlighted the booming EV adoption in India and the developments in the three-wheeler cargo space as factors driving the investment. He emphasized the potential for large-scale EV penetration in the commercial vehicle segment, particularly through rapid charging.
Exponent Energy differentiates itself with a two-sided solution offering 15-minute rapid charging and a high battery life warranty of 3,000 cycles for EV batteries. The startup plans to expand its manufacturing facility in Bengaluru and increase the number of charging stations in the city to 100 by March 2024.
In August last year, Exponent Energy secured $13 million in its Series A funding round led by Lightspeed, and it continues to target serving 25,000 EVs with a revenue of approximately INR 600 crore by 2025.
