EV charging startup Exponent Energy has raised nearly $21 million (Rs 200 crore) in its Series B2 funding round co-led by 360 ONE Asset and TDK Ventures, per an announcement.
The round also saw participation from Hitachi Ventures, along with existing investors including Eight Roads Ventures, Lightspeed, 3one4 Capital, AdvantEdge VC and YourNest.
The proceeds will be used to accelerate its expansion into new cities and new vehicle categories and deepen investment in research and development, Bengaluru-based Exponent Energy said in a press statement.
Founded in 2020 by Arun Vinayak and Sanjay Byalal, Exponent Energy has raised a total funding of $65.7 million since inception. The company had last raised $26.4 million in a Series B funding round led by Eight Roads Ventures, including a strategic investment from TDK Ventures in December 2023.
Since its inception, the EV energy startup has scaled its operations significantly, with its technology now powering over 2,500 electric vehicles across India. It has deployed more than 150 charging stations and completed upwards of one million rapid charging sessions, enabling over 50 million kilometres of travel. Exponent Energy currently operates in key urban markets including Delhi-NCR, Bengaluru, Chennai, and Ahmedabad.
