Exponent Energy Raises ₹200 Cr for EV Fast Charging Tech

Exponent Energy, a startup specializing in rapid electric vehicle (EV) charging solutions, has successfully closed a funding round amounting to ₹200 crore (approximately $21.1 million). The investment was co-led by 360 ONE Asset and TDK Ventures, with new participation from Hitachi Ventures. This infusion of capital is earmarked for accelerating research and development initiatives, broadening the application of Exponent’s platform to encompass new vehicle categories, and expanding its physical footprint into new geographical areas.

The funding round saw continued support from all existing investors, including Lightspeed, Eight Roads Ventures, 3one4 Capital, and AdvantEdge VC. Notably, this marks Hitachi Ventures’ first investment in an Indian company and signifies 360 ONE Asset’s initial foray into the electric vehicle sector.

Founded in 2020, Exponent Energy focuses on developing proprietary battery packs and charging infrastructure. Their technology aims to achieve a full charge for commercial EVs in just 15 minutes, utilizing standard lithium-ion cells. The company’s offerings include ‘e^packs’, ‘e^pumps’, and ‘e^plugs’, designed for interoperable charging, allowing drivers to utilize Exponent’s rapid charging stations as well as conventional public or domestic chargers.

With this latest funding, Exponent Energy has raised a cumulative total of $65.7 million. The company’s previous funding round in December 2023 secured ₹220 crore ($26.4 million).

The announcement coincides with recent organizational changes at Exponent Energy, including the departure of co-founder Sanjay Jagannath last month, who will continue in an advisory capacity. Earlier this year, Exponent expanded into EV financing for commercial operators through its subsidiary, Exponent One, which secured $2 million in funding.