A Series B round led by Eight Roads Ventures has raised $26.4 million for Exponent Energy, a startup that specializes in rapid charging for electric vehicles. TDK Ventures has made a strategic investment in the company.
The round included participation from all the current investors, including Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Pawan Munjal’s family office.
It raised $13 million in its Series A round last year, which was led by Lightspeed. The company has raised $44.4 million so far, with a $6 million pre-Series A round in December 2021 included in that total.
Based in Bengaluru According to a press release from the company, Exponent intends to use the additional funding to expand to five new cities by the end of FY24. In addition, it intends to increase the range of electric three-wheelers it offers and break into the intercity e-bus market by 2024.
Exponent Energy, led by Arun Vinayak and Sanjay Byalal, promises to give EVs with any number of wheels a 100% rapid charge in under 15 minutes. It establishes a network of e-pumps so that end users working in logistics can charge their EVs, and it collaborates with OEMs to integrate its e-pack to create a rapid charging variant.
According to the company, it has addressed the two main issues that have slowed down the rapid charging of lithium iron phosphate cells: intense heat and lithium plating. By 2025, it wants to have 25,000 EVs running on Exponent and 1,000 charging stations installed.
The company’s average monthly revenue run rate was over Rs 2 crore in FY24, but by 2025 it hopes to reach Rs 600 crore. Exponent Energy did not yet submit its FY23 audited report; in FY22, it was in the pre-revenue stage.
In addition to Exponent Energy, other companies that offer battery solutions to the EV market include Log9, Battery Smart, Lohum, Nexus Battery, Chargeup, Inverted, and Yulu.
