Exponent Energy, an energy-tech startup, has successfully secured $26.4 million in a Series B funding round. This round was led by Eight Roads Ventures and also included a strategic investment from TDK Ventures. Notably, existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Executive Chairman of Hero MotoCorp, participated in this funding round. Having been established three years ago in Bengaluru, the startup has now amassed a total of $44.4 million in funding so far. The freshly acquired funds are earmarked for expanding its presence to five new cities by the fiscal year 2024.

The company also outlined its intentions to broaden its presence in the e3W sector and make an entry into the intercity e-bus segment by 2024. Arun Vinayak, Co-founder and CEO of Exponent Energy, stated that with this funding round, they aim to expand operations across various categories and cities, focusing on battery manufacturing and establishing a robust on-ground network. The primary objective is to simplify the fragmented energy ecosystem on a larger scale. Exponent Energy's exclusive energy system allows for a rapid 0-100 percent charge in just 15 minutes for Electric Vehicles (EVs) and provides a 3,000-cycle life warranty utilizing standard Li-ion cells.

Aditya Systla, Partner at Eight Roads Ventures, expressed excitement about their first investment in India's electric vehicle sector and emphasized the partnership with Exponent's leadership team in developing one of the most comprehensive energy platforms in the country. Nicolas Sauvage, President of TDK Ventures, highlighted Exponent's remarkable accomplishment in creating an efficient and scalable 15-minute rapid charging solution using standard LFP cells. This breakthrough enables electric vehicles to adopt smaller battery packs and charge quickly within a concentrated public charging infrastructure.