Exponent Energy raises ₹200 crore | Total funding reaches US$65.7 million

Exponent Energy, a Bengaluru-based energy company focused on charging solutions for commercial electric vehicles (EVs), has raised ₹200 crore (US$21.1 million) in a funding round co-led by 360 ONE Asset and TDK Ventures.

The investment marks 360 ONE Asset’s first investment in the EV sector. It also represents Hitachi Ventures’ first investment in India’s energy sector. TDK Ventures, an existing investor in Exponent Energy, participated in the round through a follow-on investment.

The funding round also included participation from Exponent Energy’s existing investors, including Eight Roads Ventures, Lightspeed, 3one4 Capital, and AdvantEdge VC. YourNest, the company’s first institutional investor, invested an additional US$4 million through its Continuum Fund.

According to the company, the newly raised capital will be used to support expansion into additional cities, enter new vehicle categories, and increase investment in research and development. Since its inception, Exponent Energy has raised a total of US$65.7 million.

Exponent Energy stated that it aims to expand its role in the electric mobility ecosystem by offering integrated energy solutions to vehicle manufacturers. The company currently operates through its energy stack comprising batteries and chargers, the Exponent OTO mobility platform, and Exponent ONE, its financing and asset-management arm.

Commenting on the investment, Sumit Jain, Head of Venture Growth Investments at 360 ONE Asset, said “Exponent is solving the hard problems in commercial EV adoption – balance between cost, practicality and ability for operators to access the incredible TCO advantage offered by the EV paradigm — all through its full-stack ultra fast-charging platform that spans both battery and a purpose-built charging ecosystem.  We are backing Exponent to become the leading energy platform for an electric-first India, and we have deep conviction that the Exponent team led by Arun are best placed to achieve this vision.”

Tobias Jahn, Partner at Hitachi Ventures, said “Exponent sells fleet uptime and energy charging – their complete battery and charging stack is what guarantees that promise. That full-stack proprietary solution is what builds the moat, and the recurring revenue flywheel from here is what makes this a genuinely exciting EV charging investment. We are truly excited to partner with Exponent, our first energy investment in India.”

Ravi Jain, Investment Director at TDK Ventures, said “Our continued investment in Exponent Energy reflects our strong conviction in their vision. What began as a breakthrough 15-minute rapid-charging technology has evolved into a full-stack energy and asset management platform. Arun and his team are building the energy backbone for India’s commercial EV market, and we are excited to support Exponent’s expansion into new categories and markets.”

Arun Vinayak, Founder and CEO of Exponent Energy, said the company plans to use the funding to expand its presence, enter new segments, and support the adoption of commercial EVs in India. He added that the company has focused on developing and deploying its charging technology over the past several years.

According to Exponent Energy, its energy stack enables EV charging in 15 minutes and offers a 3,000-cycle warranty using lithium-ion cells. The company stated that its charging ecosystem is interoperable, allowing vehicles using its technology to access Exponent charging stations as well as other public charging infrastructure and home charging options.

Founded in 2020, Exponent Energy develops charging solutions for commercial EVs. The company has raised US$65.7 million from investors including Lightspeed, Eight Roads Ventures, TDK Ventures, 360 ONE Asset, Hitachi Ventures, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal.

Also read: Atul Auto and Exponent Energy partner to deploy 15-minute charging passenger e-3Ws