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EV rapid charging startup Exponent Energy is set to raise INR 182 crore (USD 20 million) in an extended Series B funding round, according to regulatory filings. The round is being co-led by 360 One and TDK Ventures, with participation from several existing investors.
Investors taking part in the round include YourNest Venture Capital, Advantedge Technology, Eight Roads Ventures, Lightspeed India and 3One4 Capital, among others.
This will be the company’s first major fundraise in over two years, following its USD 26.4 million Series B round in December 2023.
As per filings with the Registrar of Companies, the board has approved the issuance of 85,135 Series B2 compulsorily convertible preference shares at an issue price of INR 21,430 per share to raise the planned amount.
Among the investors, 360 One will contribute INR 45 crore, while TDK Ventures and YourNest will invest INR 44.50 crore and INR 37.82 crore, respectively. Other contributors include Advantedge Technology (INR 19 crore), Eight Roads Ventures (INR 15.58 crore), 3One4 Capital (INR 8.9 crore) and Lightspeed India (INR 6.67 crore), along with scontribution from Rohati Private Strategies, Indigo Circle Advisors and Vivek Kamlesh Doulatani.
The Bengaluru-based company’s valuation is estimated to increase by over 56% to around INR 1,250-1,300 crore post-money, up from INR 797 crore in its previous round, according to Entrackr estimates.
In addition to the fundraise, Exponent Energy has expanded its employee stock ownership plan (ESOP) pool by 11,550 options valued at about INR 24.75 crore. This brings the total ESOP pool to 62,570 options, along with a 4,000 stock appreciation rights (SAR) pool. The combined ESOP and SAR pool is valued at INR 142.6 crore.
Founded by Arun Vinayak and Sanjay Byalal, the company develops rapid charging solutions that enable electric vehicles to be fully charged in about 15 minutes. It partners with original equipment manufacturers to integrate its battery packs and operates a network of charging stations aimed at improving efficiency for logistics operators.
Exponent Energy has raised more than USD 44 million to date, including a USD 13 million round in August 2022. The company reported an over 80% increase in revenue to INR 30.2 crore in FY25, compared to INR 16.4 crore in FY24. It also reduced its losses by 66% to INR 65 crore from INR 192 crore in the previous fiscal.
The company operates in a competitive EV ecosystem alongside players such as Lohum, Battery Smart, Nexus Battery, Chargeup and Statiq.
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