[Funding alert] EV Charging Startup Exponent Energy Secures $26 Mn Funding Led by Eight Roads Ventures

Eight Roads Ventures led a $26.4 million series B round for the EV rapid charging startup Exponent Energy.

Along with new investor TDK Ventures, existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal, executive chairman of Hero MotoCorp, also took part.

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“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,” Arun Vinayak, co-founder and CEO, Exponent Energy, said.

Exponent Energy’s power stack streamlines energy and charging for electric vehicles and minimises impedance building.

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“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,” Aditya Systla, partner, Eight Roads Ventures, said.

In addition, the company intends to increase the range of electric three-wheelers it offers and break into the regional e-bus market in 2024. By 2025, it wants to have 25K electric vehicles driven by Exponent Energy, 1,000 e-pumps, and charging infrastructure installed, as reported by ET.

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About Exponent Energy

Arun Vinayak and Sanjay Byalal Jagannath founded Exponent Energy in Bangalore, Karnataka, in 2020. Its main objective is the advancement of electric vehicle quick charging technologies.