EV rapid charging startup Exponent Energy has raised Rs 200 crore ($21.1 million) in Series B2 round co-led by 360 ONE Asset and TDK Ventures along with participation from Hitachi Ventures and its existing investors such as Eight Roads Ventures, Lightspeed, 3one4 Capital, and AdvantEdge VC. YourNest, Exponent’s first institutional backer, invested $4 million through its Continuum Fund. Entrackr hasexclusivelyreported this development in March this year. The Bengaluru-based company had previously secured$26.4 millionin a Series B round led by Eight Roads Ventures, including a strategic investment from TDK Ventures in Dec. 2023. It has raised $65.7 million till to date. The fresh funds will be used to accelerate its expansion into new cities and new vehicle categories and deepen investment in R&D., Exponent Energy said in a press release. Co-founded in 2020 by Arun Vinayak and Sanjay Byalal, Exponent Energy builds rapid-charging solutions for EVs, enabling full charging in 15 minutes. It partners with OEMs to integrate its e-pack and develops a network of e-pumps to support efficient charging for logistics operators. According to Exponent Energy, it is building an integrated ecosystem for the all-electric future, combining its proprietary energy stack (battery and charger), its Exponent OTO mobility platform, and its Exponent ONE financing and asset-management arm to address the three biggest barriers to commercial EV adoption: energy infrastructure, vehicle availability, and access to capital. Exponent Energy competes with other battery solution providers in the EV ecosystem such asLohum, which is in talks to raise a Rs 1,000 crore pre-IPO round, andBattery Smart, which recently kicked off its pre-Series C round with Rs 66 crore in funding. Other players in the space include Nexus Battery, Chargeup, and Statiq among others. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
