SUMMARY
The funding round was led by Lightspeed with participation from existing investors such as YourNest VC, 3one4 Capital, and AdvantEdge VC
The EV startup is also looking to streamline e-pack production and deliver more Exponent-enabled EVs
Earlier this month, the startup partnered with EV OEM Altigreen Propulsion Labs and unveiled an electric three-wheeler that can be fully charged within 15 minutes
Electric vehicle (EV) charging infrastructure startup Exponent Energy has raised $13 Mn in a Series A funding round led by Lightspeed. Its existing institutional investors including YourNest VC, 3one4 Capital, and AdvantEdge VC also participated in the round.
The startup plans to use the fresh funds to scale up the e-pump network to 100 location points per city, which would start with Bengaluru. Exponent Energy is also looking to streamline e-pack production and deliver more Exponent-enabled EVs.
“Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we’ll scale-up our production and network presence,” said Arun Vinayak, cofounder and CEO of Exponent Energy. “This funding now allows us to execute even faster and make 15-min rapid charging the new normal.”
Earlier this month, the startup partnered with EV original equipment manufacturer (OEM) Altigreen Propulsion Labs and unveiled an electric three-wheeler that can be fully charged within 15 minutes.
So far, Exponent Energy raised $6 Mn in its Seed and Pre-Series A funding rounds from the family office of Hero Motocorp Chairman Pawan Munjal, Motherson Group, YourNest VC, and a few angel investors, among others.
Founded in 2020 by Ather Energy’s former chief product officer Vinayak and Sanjay Byalal, Exponent Energy’s aim is to simplify energy for EVs. The startup claims that its battery pack and charging station called the e-pack and e-pump can together unlock a 0% to 100% rapid charge within 15 minutes for EVs with any number of wheels while also providing a 3,000 cycle life warranty, and all these while using regular lithium-ion (Li-ion) cells.
“The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous,” said Harsha Kumar, partner, Lightspeed.
In fact, it is true that EV charging infrastructure in India is still lagging behind, affecting a larger adoption of EVs, as range anxiety is undeniable especially for travelling long distances. For the electric two-wheeler, which has been growing in demand in the country, poor charging infrastructure continues to be one of the pain points hindering adoption.
Besides, long charging time is also one of the main pain points for both users and non-users of electric two-wheelers, a recent Redseer report noted.
As per the report, India currently has only about 3,000 EV charging stations, which is around six available charging stations per 1,000 EVs. This is in sharp contrast to a country like China, with the highest number of EV manufacturers, with about 200 EV charging stations per 1,000 vehicles.
A few other Indian EV charging infrastructure providers include ElectricPe, ElectiVa, TATA Power, Ather Energy’s Ather Grid, and EVRE, among others.
In an ‘optimistic scenario’, government think tank NITI Aayog sees 100% penetration of electric two-wheelers in the country by FY27. Meanwhile, the overall Indian EV market size is expected to expand at a compound annual growth rate (CAGR) of 94.4% between 2021 and 2030, as per a report.
