EV charging infrastructure startup Exponent Energy raises funding from Pawan Munjal
- ByStartupStory | August 5, 2022
Exponent Energy, an electric vehicle (EV) charging infrastructure business, has acquired an unknown sum of money from Hero Motocorp Chairman Pawan Munjal’s family office. In its initial phase of growth, the business plans to install 100 EV charging stations around Bengaluru. Exponent will also utilize the funds to enhance its EV battery pack manufacturing capacity and expand into other cities.
Exponent also announced a collaboration with Altigreen Propulsion Labs, an EV manufacturer, to develop an electric three-wheeler that can be completely charged in 15 minutes. “By becoming cell agnostic, we can grow considerably quicker by using the current manufacturing ecosystem that manufactures LFP (lithium iron phosphate) & NMC (nickel, manganese, and cobalt) cells widely.” Exponent CEO & cofounder Arun Vinayak stated, “Altigreen’s engineering first approach provided us confidence in working together and made us realize they are the right partners for us.”
Exponent, founded in 2020 by Ather Energy’s former chief product officer Vinayak & Sanjay Byalal, offers EV battery packs and charging stations. Its primary goal is to create scalable and economical rapid charging options for EVs. The firm secured $5 million in a strategic investment round led by YourNest VC in December of last year. Exponent claims to have raised $6 million in total funding since its creation, including backing from notable investors like Motherson Group, 3one4 Capital, AdvantEdge VC, and others. According to one research, India’s overall EV market opportunity by 2030 is expected to be approximately $206 billion.
With EV usage increasing across the country, EV firms have attracted the interest of investors. River, a Bengaluru-based electric mobility company, raised $11 million earlier this month in a round-headed by Lowcarbon Capital. BluSmart, an electric ride-hailing service, also received a $250 million fundraising round headed by BP Ventures last month. The Centre is also said to be considering establishing a $5 billion fund to encourage the use of electric vehicles across the country. Meanwhile, states like Haryana & Chhattisgarh have just revealed their unique EV plans.
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