Bangalore EV Startup Exponent Energy Rakes Up $26.4 Mn in Series B Round

A Bangalore-based startup that delves in rapid charging of electric vehicles, Exponent Energy, has pocketed $26.4 million in a Series B round that was led by Eight Roads Ventures. It also entailed a strategic investment from TDK Ventures.

Other participants in the Series B round included existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal.

In 2022, Exponent Energy raked up $13 million in its Series A round led by Lightspeed. To date, it has raised $44.4 million. This also included a $6 million pre Series A round in December 2021.

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Bengaluru-based Exponent will make use of the funds raised to expand its presence to five new cities by Financial Year 2024. Additionally, Exponent Energy also wants to scale its offering in the electric three wheelers space. It has set sights on entering the intercity e-bus sector in 2024.

Led by Arun Vinayak and Sanjay Byalal,Exponent Energy is a full stack energy company that builds chargers, batteries and everything in between to unlock 15-minute rapid charging for EVs. The firm aspires for the deployment of 1,000 charging stations and have 25,000 electric vehicles powered by Exponent by 2025.

The firm’s average run rate was pegged at more than INR 2 crore a month in revenue in FY24, which it hopes will reach INR 600 crore by 2025.

Recently, Bengaluru’s electric vehicle firm Ola Electric also closed INR 3,200 crore in its fundraising round. The funds were raised from marquee investors led by Singapore-based Temasek and project debt from State Bank of India respectively.