Exponent Energy has raised a ₹200 Cr funding round co-led by 360 ONE Asset and TDK Ventures, with all existing investors also participating
Hitachi Ventures has also come on board, making its first investment in an Indian company
Exponent plans to use the capital to accelerate research and development, expand its platform into new vehicle categories, and enter new geographies
EV rapid-charging startup Exponent Energy
has raised ₹200 Cr ($21.1 Mn) in a funding round co-led by 360 ONE Asset and TDK Ventures, with additional participation from new investor Hitachi Ventures.
While Hitachi Ventures made its debut investment in an Indian company, 360 ONE has also made its first foray in the EV space with this investment. All existing investors, including Lightspeed, Eight Roads Ventures, 3one4 Capital, and AdvantEdge VC, also participated in the round.
The capital will be used to accelerate research and development, expand its platform into new vehicle categories as well as accelerate physical presence across new geographies, the startup said in a statement.
Founded in 2020, Exponent Energy develops proprietary battery packs and charging infrastructure that enable commercial EVs to achieve a full charge in 15 minutes using standard lithium-ion cells.
Its interoperable charging infrastructure enables drivers to use Exponent’s rapid charging stations as well as standard public or domestic chargers. The startup’s efficient 15-minute rapid charging is engrained in its offerings, namely — ‘e^packs’, ‘e^pumps’, and ‘e^plugs’.
With this round, Exponent has raised a total of $65.7 Mn. Its last funding round came in December 2023 when it raised ₹220 Cr ($26.4 Mn). It competes with the likes of Chargeup and BatterySmart, among others.
Notably, the funding announcement comes amid a leadership shuffle at the startup. Last month, cofounder Jagannath exited the startup amid a structural transition at the company. Jagannath, who left on amicable terms, was slated to continue working with the startup in an advisory role.
Earlier this year, Exponent also announced its entry into EV financing for commercial operators with the launch of its subsidiary ‘Exponent One’. The subsidiary had raised $2 Mn from Exponent’s backer AdvantEdge to expand its presence across key commercial EV hubs, and brought former evfin CEO Sandeep Divakaran as its CEO.
Source: Inc42 - Startups
