Exponent Energy Raises $26.4 Million in Series B Round Led by Eight Roads Ventures and TDK Ventures
- ByStartupStory | December 15, 2023
Bengaluru-based Exponent Energy has successfully secured $26.4 million in a Series B funding round led by Eight Roads Ventures and TDK Ventures. This marks TDK Ventures’ first investment in India. Existing investors Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Pawan Munjal’s family office also participated in the round. The startup, founded in 2020 by Arun Vinayak and Sanjay Byalal, both ex-Ather Energy executives, plans to utilize the funds to expand its offerings for electric three-wheelers, enter five new cities, and establish 1,000 charging stations.
Arun Vinayak, Co-founder and CEO of Exponent Energy, stated, “With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories and cities, and simplify the broken energy ecosystem at scale.”
The company is particularly focusing on expanding its operations and manufacturing capabilities, with a shift to a new facility in Hosur, near Bengaluru, in partnership with another company. Exponent Energy, having raised $44.4 million in funding so far, aims to address the energy needs of commercial electric vehicles through its rapid charging stations, battery packs, and charging connectors that OEMs can deploy in their vehicles.
Exponent Energy’s proprietary charger and battery pack claim to charge from 0% to 100% within 15 minutes. Aditya Systla, Partner at Eight Roads Ventures, emphasized the significant opportunity in Exponent’s focus on the Indian commercial vehicle space, constituting 10% of vehicles but consuming 70% of on-road energy. As more vehicles transition to electric in the coming years, Exponent Energy aims to play a pivotal role in meeting the growing demand for efficient charging solutions in the commercial electric vehicle sector.
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