Exponent Energy Raises $26.4M for EV Rapid Charging

Exponent Energy Raises $26.4M for EV Rapid Charging

Bengaluru-based energy tech startup Exponent Energy, known for its revolutionary 15-minute rapid charging technology for electric vehicles (EVs), has plugged into a hefty $26.4 million (INR 220 crore) Series B funding round.

Excluding the recent investment, Exponent Energy has raised a total of $44.4 million to date. With its innovative technology and growing investor confidence, the startup is poised to play a pivotal role in accelerating India's shift towards a sustainable EV future.

This fresh injection of capital, led by Fidelity-backed Eight Roads Ventures, signals Exponent's rapid growth and its ambitious plans to electrify India's roads.

Having successfully found its product-market fit, Exponent Energy is now gearing up to scale its operations. The funding will be used to bolster its manufacturing capabilities and expand its business reach. Plans include entering new vehicle categories beyond the current two-wheeler focus, and establishing a presence in five additional cities across India.

"This funding round underscores the immense potential of our technology and its ability to address a critical bottleneck in India's EV adoption journey," said Exponent Energy co-founder and CEO Arun Vinayak. "With this capital, we will accelerate our manufacturing and commercial expansion, bringing our transformative rapid charging solutions to a wider audience."

The Eight Roads Ventures-led round saw participation from prominent investors like TDK Ventures, alongside Exponent Energy's existing backers including Lightspeed Venture Partners, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, chairman of Hero MotoCorp.

This funding marks a significant milestone for Exponent Energy, demonstrating the viability and market demand for its game-changing 15-minute charging technology. As the company expands its operations and network, it promises to fuel the EV revolution in India, offering drivers a faster, more convenient way to power up and hit the road.

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December 14, 2023

Kalpana Maurya