Exponent Energy, a 15-minutes EV rapid charging startup, has raised $13 million in its Series A round led by Lightspeed. Existing investors of the Bengaluru-based startup such as YourNest VC, 3one4 Capital and AdvantEdge VC also participated.
The fresh funds will be utilised to scale its proprietary charger and battery pack to 100 location points per city, starting with Bengaluru and deliver more Exponent enabled EVs.
Led by Arun Vinayak and Sanjay Byalal, Exponent Energy provides a flexible energy stack that simplifies energy for EVs which enables the flow of energy and information between the grid and vehicle. The company claims to provide 100% rapid charge within 15 minutes for EVs with any number of wheels.
Earlier this month, Exponent Energy partnered with Altigreen to make rapid charging a reality for eCVs on Indian roads.
Previously, Exponent Energy had raised $6 million in seed and pre-Series A round from the family office of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.
This is Lightspeed India’s first investment in the Indian EV space. Last month, the Silicon Valley-based fund had announced its largest fund dedicated to India and Southeast Asia at $500 million. The fund has backed several Indian companies such as Oyo, Udaan, Sharechat and Byju’s.