Exponent Energy bags USD 13 million in Lightspeed-led Series A funding

By Mateen Dalal

Bangalore-based Exponent Energy has reportedly secured USD 13 million in a Series A funding round which was spearheaded by Lightspeed Venture Partners. The round also saw participation from existing investors such as 3one4 Capital, YourNest VC, and AdvantEdge VC.

Exponent Energy, which specializes in EV charging infrastructure, is planning to use the fresh funds to enhance its battery pack offerings as well as deliver more exponent-based EVs. The founder Arun Vinayak was quoted saying that the company will work on scaling up its production and network to at least 100 location points per city, thus ensuring better freedom and flexibility among customers.

The former Ather Chief Product Officer Arun Vinayak founded Exponent Energy in 202 along with Sanjay Byalal. The company claims to have developed a charging station that can offer 0-100% charging within 15 mins for EVS as well as a 3,000-cycle life warranty.

The fresh investments will allow the company to double down on this 15-minute rapid charging infrastructure.

Exponent Energy has also teamed up with Altigreen, an EV maker, to make fast charging a reality for commercial EVs. The duo has also managed to introduce an electric three-wheeler that charges 0 to 100% within 15 minutes.

Apart from this, the Bangalore-based company had secured USD 6 million in Pre-Series A funding round back in December 2021. One of the major competitors of Exponent is Statiq, which intends to invest at least USD 5.2 million in developing EV charging infrastructure for residential establishments across India.

According to seasoned experts, the global EV charging infrastructure market had surpassed USD 10 million in 2020 and is likely to witness a y-o-y growth rate of 27.2% through 2027, with annual installations predicted to expand to 10 million units by the end of the study period.

Source Credits –

https://www.moneycontrol.com/news/bausiness/announcements/exponent-energy-raises-13-million-in-series-a-funding-led-by-lightspeed-9041231.html