Exponent Energy, an innovative energy-tech startup specializing in 15-minute fast charging and introducing a 3000-cycle life warranty for electric vehicles (EVs), has successfully secured $26.4 million in a series B funding round led by Eight Roads Ventures.
Funding Details
The funding round saw a strategic investment from TDK Ventures, marking their entry into India’s EV sector. Existing investors, including Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Dr. Pawan Munjal’s family office, Executive Chairman of Hero MotoCorp, also participated in the round.
Operational Expansion
With a total accumulation of $44.4 million over three years, the Bengaluru-based startup plans to utilize the new funds to expand its presence into five additional cities by FY 2024.
Future Plans
Exponent Energy aims to diversify its offerings in the e3W domain and penetrate the intercity e-bus segment by 2024. The company’s ambitious goal involves deploying 1,000 e^pumps (charging stations) and facilitating 25,000 Exponent-powered EVs by 2025.
Leadership Vision
Arun Vinayak, Co-founder & CEO of Exponent Energy, expressed enthusiasm, stating, “We’re excited to welcome Eight Roads & TDK to our cap table and grateful to all our existing investors who’ve supported us since Exponent’s inception. The last 3 years were an incredible journey of building world-class tech, achieving product-market fit, and unlocking freedom & flexibility for our customers in logistics. With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories & cities, and simplify the broken energy ecosystem at scale.”
Nicolas Sauvage, President of TDK Ventures, applauded Exponent’s achievements, stating, “Exponent’s groundbreaking 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. We share the vision of expanding rapid charging accessibility at a reasonable cost, making electric mobility an option for everyone.”
Innovative Solutions
Under the leadership of Arun Vinayak and Sanjay Byalal, Exponent Energy aims to revolutionize energy solutions for electric vehicles. The company has developed an innovative suite of products: the e^pack battery pack, the e^pump charging station, and the e^plug charging connector.
Addressing Challenges
Charging infrastructure remains a significant hurdle for EV adoption, with startups like Exponent Energy innovating rapid charging solutions to address this challenge. By focusing on enhancing charging speed, convenience, and expanding infrastructure, these startups aim to alleviate range anxiety and accelerate the adoption of electric vehicles.
