EV Charging Startup Exponent Raises $13 Million In Series A Round

Exponent Energy, which describes itself as the 15 minute EV rapid charging startup, has raised a $13 million round in its series A from investors, led by Lightspeed capital. The first investment by Lightspeed in the EV space, other investors included YourNest VC, 3one4 Capital & AdvantEdge VC.

Exponent will utilize the funds to scale up the EV pump network to 100 location points per city, starting with Bengaluru; streamline EV pack production; and deliver more Exponent enabled EVs. It has developed the e^pump and e^pack, its proprietary charger and battery pack, that it claims together unlock a 15-min rapid charge for 0 to 100% battery charge

Exponent had recently unveiled world’s fastest charging electric three-wheeler in a partnership with Altigreen Propulsion Labs. Customer deliveries of Exponent Enabled NeEV HD will begin from October 2022.

Speaking about the investment, Harsha Kumar, Partner, Lightspeed said, “The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous.”

Commenting on the funding round, Arun Vinayak, Co-founder & CEO, Exponent Energy, said “We’ve really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs – for an all-electric future.

Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal.”

Previously Exponent Energy has raised $6mn in Seed and Pre-Series A round from prominent investors such as the family office of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp (World’s largest two-wheeler manufacturer), Motherson Group, a leading global supplier of automotive components along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.

Exponent is led by Arun Vinayak & Sanjay Byalal.