Exponent Energy, an electric vehicle (EV) charging infrastructure startup has raised $13 million in a Series A funding round.
The round was led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital & AdvantEdge VC also participating. Funds raised will be utilised to scale up the e-pump network to 100 location points per city, starting with Bengaluru; streamline e-pack production, and deliver more Exponent-enabled EVs.
Arun Vinayak, Co-founder and CEO, Exponent Energy, said “Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence to 100 e-pump location points per city to deliver freedom and flexibility to our customers. This funding allows us to execute even faster and make 15-min rapid charging the new normal.”
Previously Exponent Energy has raised $6 million in Seed and Pre-Series A round from investors such as the family office of Dr. Pawan Munjal, Chairman, and CEO, Hero MotoCorp, Motherson Group, along with YourNest VC, 3one4 Capital, AdvantEdge VC, and a few angel investors.
Harsha Kumar, Partner, Lightspeed said, “The need for enhancing EV battery performance, sustainability, and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs.”
Led by Arun Vinayak & Sanjay Byalal, the startup aims to simplify energy for EVs. The company has built a battery pack & charging station called the e-pack and e-pump that is said to together unlock a 0 to 100 per cent charge within 15 minutes for EVs with any number of wheels and provide a 3,000 cycle life warranty.