Exponent Energy, an electric vehicle focused rapid charging startup, has raised $26.4 million in a Series B round led by Eight Roads Ventures, including a strategic investment from TDK Ventures.
All existing investors like Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal also participated in the round.
Last year, it scooped up $13 million in its Series A round led by Lightspeed. The firm has raised $44.4 million to date including a $6 million pre Series A round in December 2021.
Bengaluru-based Exponent plans to utilise the fresh funds to scale its presence to 5 new cities by FY24, the company said in a press release. It also plans to expand its offering in the electric three wheelers space and enter the intercity e-bus segment in 2024.
Led by Arun Vinayak and Sanjay Byalal, Exponent Energy simplifies energy for EVs and claims to provide 100% rapid charge within 15 minutes for EVs with any number of wheels. It 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 charge their EVs.
The company said that it has worked on two major challenges i.e. extreme heat and Lithium Plating that have hindered rapid charging on Lithium Iron Phosphate cells. It aims to deploy 1,000 charging stations and have 25,000 EVs powered by Exponent by 2025.
In FY24, the company’s average run rate stood at over Rs 2 crore a month in revenue but it anticipates to reach Rs 600 crore by 2025. Exponent Energy was in pre revenue stage during FY22 and it is yet to file its FY23 audited report.
Besides Exponent Energy, Log9, Battery Smart, Lohum, Nexus Battery, Chargeup, Inverted and Yulu are also providing battery solutions for the EV industry.
