Total amount raised
$44.4 Millions
Latest funding date
12/1/2023
Location
Exponent Energy has successfully raised $26 million over multiple funding rounds, with the latest being a Series B round. The company offers a full-stack energy solution, including rapid charging technology for electric vehicles, promising a 15-minute charge from 0-100%.
Keep reading to explore the intricacies of Exponent Energy's fundraising journey and the investors backing this innovative platform.
What Is Exponent Energy?
Founded in 2020, Exponent Energy is based in Bengaluru, Karnataka, India. The company was established by Arun Vinayak and Sanjay Byalal Jagannath.
Exponent Energy specializes in developing fast charging technology for electric vehicles, offering a comprehensive energy stack that includes a battery management system, battery pack, and rapid charging station.
With a team of 101-250 employees, Exponent Energy aims to revolutionize the EV charging landscape by providing scalable and affordable solutions.
How Much Funding Has Exponent Energy Raised?
- Seed Round
- Amount Raised: $5M
- Date: December 2021
- Lead Investors: YourNest Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and operations.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 2022
- Lead Investors: Pawan Munjal Family Trust
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial scaling and development.
- Series A
- Amount Raised: $13M
- Date: August 2022
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial growth and development.
- Series B
- Amount Raised: $26.4M
- Date: December 2023
- Lead Investors: Eight Roads Ventures, TDK Corporation
- Valuation at Round: $100-120M
- Motivation Behind the Round: To expand to five new cities, increase the range of electric three-wheelers, and enter the intercity e-bus market by 2024.
Total amount raised: $44.4M. Current valuation: $100-120M.
Key Investors
- Eight Roads Ventures
- Details: Eight Roads Ventures is a global venture capital firm that invests in high-growth technology and healthcare companies. They have a strong presence in Asia, Europe, and the US.
- Investment Focus Areas: Technology, healthcare, consumer sectors.
- Notable Investments: Alibaba, App Annie, Neo4j.
- TDK Ventures
- Details: TDK Ventures is the corporate venture capital arm of TDK Corporation, focusing on innovative technologies. They aim to invest in startups that align with TDK's mission of contributing to a sustainable and connected world.
- Investment Focus Areas: Energy, materials, electronics.
- Notable Investments: GenCell, StoreDot, AutoGrid.
- Lightspeed
- Details: Lightspeed is a venture capital firm that accelerates disruptive innovations and trends in the enterprise and consumer sectors. They have a global footprint with investments in various high-growth companies.
- Investment Focus Areas: Enterprise, consumer, health sectors.
- Notable Investments: Snapchat, Grubhub, OYO Rooms.
- YourNest Venture Capital
- Details: YourNest Venture Capital is an early-stage venture capital firm that invests in technology-driven startups. They focus on nurturing companies that have the potential to become market leaders.
- Investment Focus Areas: Early-stage technology startups.
- Notable Investments: Uniphore, Mycity4kids, SmartQ.
- 3one4 Capital
- Details: 3one4 Capital is a venture capital firm that focuses on early-stage investments in India. They aim to support companies that drive innovation and create significant impact.
- Investment Focus Areas: Technology, consumer, financial services.
- Notable Investments: Licious, Darwinbox, BetterPlace.
What's Next for Exponent Energy?
Exponent Energy is poised to seize significant opportunities in the electric vehicle market. With plans to expand to five new cities by the end of FY24, the company aims to increase the range of electric three-wheelers and enter the intercity e-bus market by 2024. By 2025, Exponent Energy targets having 25,000 EVs running on its technology and 1,000 charging stations installed, reflecting the vast potential for growth in the EV sector.
Given these ambitious goals, future fundraising rounds are likely to support the scaling of operations and technological advancements. The company may attract strategic investments from venture capital firms and industry players, ensuring the necessary capital to meet its expansion targets.
However, Exponent Energy will face challenges such as intense competition, technical hurdles related to rapid charging, and regulatory issues in new markets. Overcoming these obstacles will be crucial for the company to achieve its vision of revolutionizing the EV charging landscape.
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