5 Pioneering Profitable Startups: The Next Blooming Powerhouses of India

Startup: Exponent Energy

Industry: Electric Vehicle (EV)

Key Management: Arun Vinayak & Sanjay Byalal, Co-Founders

With a strong objective to simplify the energy exponentially for electric vehicles in 2020, the startup acts as a full-stack energy company that designs charges, batteries, battery packs, battery pumps & many more to offer 15-minute charging for electric vehicles. In 2021, they executed the concept of a 15-minute charging system for EVs on the road & in 2022 they deployed their first e-pump. Last year the startup launched the fastest-charging 3-wheeler in the world, the Altigreen neEV Tez.

The whole growth cycle of the startup signifies its technological adaptability & expertise in the EV sector. Creating new records for utilizing charging sessions, today Exponent Energy has become a more successful EV startup with notable investments & competing with the well-established players in the EV market. In April 2022, Exponent Energy raised $13 million in Pre-series A from Lightspeed, in December 2023 it raised $26.4 million from Eight Roads Ventures & bagged a profit worth 6 billion.

USP: Unlimited freedom for the user, double shift operation in a single vehicle, more than 30 e-pump locations, dedicated application, low TCO, and optimized vehicle hubs.

“In India, commercial vehicles today roughly represent 10% of total vehicles sold in the country yet consume 70% of on-road energy. It’s an energy-hungry segment rushing to go electric and needs a dependable rapid charging network that lets them keep going. To fulfill this demand, we intend to actively collaborate with all industry players & regulatory bodies”, adds Sanjay Byalal, Co-Founder, Exponent Energy