The fresh funding takes Exponent Energy’s total capital raised to nearly $66 million as it accelerates growth in India’s EV infrastructure market.
EV rapid-charging startup Exponent Energy has secured Rs 200 crore (approximately $21.1 million) in a Series B2 funding round co-led by 360 ONE Asset and TDK Ventures. The round also attracted participation from Hitachi Ventures and existing investors, including Eight Roads Ventures, Lightspeed, 3one4 Capital, and AdvantEdge VC. Early institutional investor YourNest contributed $4 million through its Continuum Fund.
The latest investment follows the company’s earlier Series B raise of $26.4 million in December 2023, which was led by Eight Roads Ventures and included strategic backing from TDK Ventures. With the new infusion, Exponent Energy’s total funding raised to date stands at nearly $66 million.
The Bengaluru-headquartered startup said the fresh capital will be used to expand its presence across new cities, enter additional vehicle segments, and strengthen research and development efforts.
Founded in 2020 by Arun Vinayak and Sanjay Byalal, Exponent Energy develops rapid-charging technology designed to fully charge electric vehicles in about 15 minutes. The company works closely with vehicle manufacturers to integrate its battery technology while also building a network of charging stations aimed at commercial fleet and logistics operators.
Exponent’s business model goes beyond charging infrastructure. The company is creating an integrated EV ecosystem through its proprietary battery and charging technology, its mobility platform Exponent OTO, and Exponent ONE, its financing and asset-management business. Together, these offerings are designed to tackle key challenges slowing commercial EV adoption, including charging infrastructure availability, vehicle access, and financing.
The funding comes as competition in India’s EV battery and charging ecosystem intensifies. Several companies are expanding aggressively to capture a larger share of the growing electric mobility market. Industry peers include Lohum, which is reportedly exploring a Rs 1,000 crore pre-IPO funding round, battery-swapping operator Battery Smart, as well as players such as Nexus Battery, Chargeup, and Statiq.
