The round included a significant strategic investment from TDK Ventures and participation from all existing investors like Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Chairman & CEO, Hero MotoCorp.
Exponent Energy is an energy-tech startup that has unlocked 15-minute rapid charging and a 3000-cycle life warranty for EVs. Exponent’s proprietary energy stack - battery pack (e^pack), charging station (e^pump), and charging connector (e^plug) together unlock a 0%-100% rapid charge, in 15 minutes for EVs and unlock a 3000-cycle life warranty using regular Li-ion cells. Exponent partners with OEMs to integrate its e^pack to create a rapid charging variant and sets up a network of e^pumps for end users operating in logistics to seamlessly charge their Exponent-powered EVs. All of which aim to solve for the current adoption challenges faced by drivers of commercial vehicles.
The 3-year-old Bengaluru-based startup has raised $44.4 Million in total so far and plans to utilise the fresh funds to scale its presence to 5 new cities by FY’ 24. The company also plans to expand its offering in the e3W space and enter the intercity e-bus segment in 2024. It aims to deploy 1,000 e^pumps (charging stations) and have 25,000 EVs powered by Exponent by 2025.
Aditya Systla, Partner, Eight Roads Ventures said, “Exponent’s focus on the Indian commercial vehicle space is a massive opportunity which constitutes 10% of vehicles but consumes 70% of the on-road energy, with more vehicles transitioning to electric over the next few years. As our first investment in the electric vehicle sector in India, we’re very excited to partner with Arun, Sanjay, and the entire Exponent team, as they build one of the largest full-stack energy platforms in the country.”
Speaking about the fundraise, Arun Vinayak, Co-founder & CEO, Exponent Energy said, ”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, 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!”
Watch this video below and hear Arun Vinayak (Exponent Energy), Aditya Systla & Ayush Bhargava (Eight Roads) talk about the company and our investment.