Funding · Mobility & Logistics
Exponent Energy raises $13M Series A
By Startup Enthusiast ·
- Date
- Company
- Exponent Energy
- What it does
- EV energy startup
- Kind
- Funding
- Amount
- $13M
- Stage
- Series A
- Based in
- Bengaluru
- Founded
- 2020
- Sector
- Mobility & Logistics
What they do
Exponent Energy builds a flexible energy stack for electric vehicles
What happened
It raised $13M in Series A funding led by Lightspeed Venture Partners
Why it matters
The company aims to scale its 15-minute charging network to 100 points per city
The details
- Exponent Energy raised $13 million in a Series A round.
- The round was led by Lightspeed Venture Partners.
- Existing investors YourNest VC, 3one4 Capital, and AdvantEdge VC also participated.
- The company has raised $6 million in earlier seed and pre-Series A rounds.
- Exponent Energy partnered with Altigreen to launch a fast-charging three-wheeler in August 2022.
- The funds will be used to scale its charger and battery pack to 100 location points per city, starting with Bengaluru.
The bigger picture
- This is Lightspeed India's first investment in the Indian EV space.
- Lightspeed announced a $500 million fund for India and Southeast Asia in July 2022.
- Exponent Energy claims its battery can handle 3,000 charging cycles without degradation, versus the typical 1,000 cycles.
About the business
- Exponent Energy provides a flexible energy stack for electric vehicles, enabling energy and information flow between grid and vehicle.
- Its proprietary charger and battery pack can fully charge any EV from 0% to 100% in 15 minutes.
- The company makes money by selling battery packs to OEMs and operating its own charging network.
- It currently has about 30 charging points across Bengaluru.
- Exponent Energy targets a charging cost of Rs 12-15 per unit, compared to the current Rs 20-24 per unit at slow-charging stations.
What happens next
- Scale proprietary charger and battery pack to 100 location points per city, starting with Bengaluru.
- Deliver more Exponent-enabled EVs.
The deal
- Type
- funding
Investors
- Lightspeed Venture Partners (lead)
- YourNest VC (participated)
- 3one4 Capital (participated)
- AdvantEdge VC (participated)
Founders
- Arun Vinayak, co-founder, CEO
- Sanjay Byalal, co-founder
About Exponent Energy
- Product
- Proprietary battery packs and rapid-charging stations that fully charge EVs in 15 minutes
- Customers
- Commercial EV fleet operators and transportation companies
- How it makes money
- Infrastructure deployment with financing solutions for fleet operators
- What sets it apart
- Uses standard lithium-ion cells with interoperable charging infrastructure
- Operations
- Operates charging stations across Indian cities with expandable network
Other articles talking about it
More on Exponent Energy
- Exponent Energy completes 200 EV retrofits in Bengaluru22 September 2026 · Launch
- Exponent Energy raises ₹200 Cr for EV charging10 June 2026 · Funding · ₹200 Cr ($21.1 Mn)
- Cofounder Sanjay Byalal Jagannath exits Exponent Energy27 May 2026 · People
- Exponent Energy raises Rs 182 crore extended Series B21 March 2026 · Funding · Rs 182 crore ($20 million)
- Exponent Energy launches EV financing arm Exponent One17 February 2026 · Launch · $2 Mn (₹18.2 Cr)
- Exponent Energy opens first retail store in Bengaluru1 December 2025 · Launch
- Exponent Energy launches retrofit tech for three-wheelers7 November 2025 · Launch
- Exponent Energy launches revamped 15-minute EV charger25 August 2025 · Launch