Exponent Energy, an EV rapid-charging startup, has successfully raised ₹200 Cr ($21.1 Mn) in a funding round co-led by 360 ONE Asset and TDK Ventures. The investment also saw participation from new investor Hitachi Ventures, marking its first foray into an Indian company, alongside all existing investors.The Bengaluru-based startup plans to deploy the fresh capital to accelerate its research and development initiatives. It will also expand its proprietary charging platform into new vehicle categories and accelerate its physical presence across new geographies, the company stated.
Investor Participation and Milestones
The funding round is notable for 360 ONE Asset’s debut investment in the electric vehicle (EV) sector. Existing investors, including Lightspeed, Eight Roads Ventures, 3one4 Capital, and AdvantEdge VC, also participated in this latest round, underscoring continued confidence in Exponent Energy’s vision.With this infusion, Exponent Energy’s total funding raised now stands at $65.7 Mn. The company’s previous funding round in December 2023 secured ₹220 Cr ($26.4 Mn).
Technology and Market Position
Founded in 2020, Exponent Energy specialises in developing proprietary battery packs and charging infrastructure. Its technology enables commercial EVs to achieve a full charge in just 15 minutes, utilising standard lithium-ion cells.The startup’s offerings, branded as ‘e^packs’, ‘e^pumps’, and ‘e^plugs’, are designed around this efficient 15-minute rapid charging capability. Its interoperable charging infrastructure allows drivers to use both Exponent’s rapid charging stations and standard public or domestic chargers.Exponent Energy operates in a competitive landscape, vying with players such as Chargeup and BatterySmart in the EV charging solutions market.
Recent Corporate Developments
The funding announcement follows a period of structural transition and leadership changes at the startup. Last month, cofounder Jagannath exited the company on amicable terms, with plans to continue in an advisory role.Earlier this year, Exponent Energy diversified its operations by launching ‘Exponent One’, a subsidiary focused on EV financing for commercial operators. This subsidiary secured $2 Mn from Exponent’s backer AdvantEdge and appointed former evfin CEO Sandeep Divakaran to lead it, aiming to expand its presence in key commercial EV hubs.
