EV infra startup Exponent Energy has raised $5 million in funding led by YourNest VC, along with participation from 3one4 Capital, AdvantEdge VC and Motherson Group.
The fund will be utilized to commercially deploy its charging and battery solutions in early 2022, starting in Bengaluru and then scaling it up to other cities.
Founded in 2020 by Arun Vinayak and Sanjay Byalal Jagannath, Exponent Energy develops fast-charging battery and charger technology for electric vehicles.
The Bengaluru-based company claims that its solution can unlock 15-minute rapid charging for EVs utilizing regular lithium-ion cells while still maintaining a cycle count of 3,000.
The firm is also looking to hire people across its product, engineering and deployment teams.
The fundraise comes amidst a rise in interest for the EV infra space. Earlier this week another EV infra startup Charge+Zone raised $10 million in a bridge round.