Exponent Energy secures $26 million in investment from Eight Roads Ventures
Exponent Energy, a cool new energy company, just got a bunch of money – $26.4 million! They’re great at making electric cars charge super fast in just 15 minutes and guaranteeing they’ll last for 3,000 cycles. This time, Eight Roads Ventures led the way in giving them the money. And guess what? Some other folks who already believed in them, like Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and even Pawan Munjal’s family office from Hero MotoCorp, threw in more money. Plus, a brand new investor named TDK Ventures joined in too!
The Bengaluru-based business was scheduled to raise the money at a valuation of $100–120 million in October to finish its first investment round in over a year.
The Bengaluru-based business was scheduled to raise the money at a valuation of $100–120 million in October in order to finish its first investment round in over a year.
According to a corporate statement, the three-year-old startup has secured $44.4 million in total so far with the most recent funding, which it will utilize to expand to five new locations by the end of the financial year in March 2024.
According to the statement, the business intends to deploy 1,000 e^pumps, its charging stations, and have 25,000 electric cars powered by Exponent Energy by 2025. It also expects to grow its offering in the electric three-wheeler area and join the intercity e-bus segment in 2024.
“Exponent’s focus on the Indian commercial vehicle space is a massive opportunity which constitutes 10% of vehicles but consumes 70% of the on-road energy, with more vehicles transitioning to electric over the next few years,” This is the fund’s first investment in the electric vehicles industry.
Aditya Systla, partner, Eight Roads Ventures, said.
“I was impressed by Arun and his talented team when I met them in their office in Bengaluru earlier this year… This collaboration represents an exciting stride toward a more sustainable and electrified future,” Nicolas Sauvage, president, TDK Ventures, said.
“With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories & cities, and simplify the broken energy ecosystem at scale,”
Arun Vinayak, co-founder and CEO, Exponent Energy, said.
Vinayak and Sanjay Byalal Jagannath, two former executives of Ather Energy, founded the firm in 2020. Its technology promises to fully charge a car in 15 minutes, a significant reduction from the standard three hours.
The battery pack (e^pack), charging station (e^pump), and charging connector (e^plug) make up Exponent’s patented energy stack.