Exponent secures $26.4 million in Series B funding

Exponent Energy, a Bengaluru-based energy-tech startup that enables 25 minute rapid charging, has secured $26.4 million in a Series B fundraise, taking company's total fundraise to $ 44.4 million. 

The Series B capital raise was led by Eight Roads Ventures, including a strategic investment from TDK Ventures, with participation from existing investors Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp. 

Exponent Energy will use the proceeds to enter five new cities and expand its offering in the e3W space and enter the intercity e-bus segment by FY24.  

The company aims to deploy 1,000 e^pumps (charging stations) and have 25,000 EVs powered by Exponent by 2025.

Aditya Systla, Partner, Eight Roads Ventures said, "Exponent’s focus on the Indian commercial vehicle space is a massive opportunity which constitutes 10% of vehicles but consumes 70% of the on-road energy, with more vehicles transitioning to electric over the next few years." 

Nicolas Sauvage, President, TDK Ventures said, "Exponent's achievement in crafting an economical and scalable 15-minute rapid charging solution utilizing standard LFP cells is revolutionary, allowing electric vehicles to adopt a more compact battery pack that can swiftly charge within a concentrated public charging infrastructure, effectively removing range anxiety."

Arun Vinayak, Co-founder & CEO, Exponent Energy said, "With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories and cities." 

The company has built a battery pack named e^pack; charging station called e^pump; and charging connector e^plug that together unlock a 0 to 100% charge in 15 minutes for EVs with any number of wheels & provide a 3000-cycle life warranty – all while using regular Li-ion cells to make rapid charging truly affordable and scalable.