Exponent Energy, an EV rapid charging startup, has secured Rs 182 crore ($20 million) in an extended Series B funding round. The funding will be co-led by 360 One and TDK Ventures, with participation from existing investors like YourNest, Advantedge Technology, Eight Roads Ventures, and Lightspeed India.
The company’s latest funding marks a significant milestone, representing its first major investment since its previous Series B round where it raised $26.4 million in December 2023.
Exponent Energy’s board has approved the issuance of 85,135 Series B2 CCPS at an issue price of Rs 21,430 to secure the investment, in accordance with filings made with the Registrar of Companies (RoC).
Key contributors to the funding round include 360 One (Rs 45 crore), TDK Ventures (Rs 44.50 crore), YourNest Venture Capital (Rs 37.82 crore), and other notable investors. Entrackr’s estimates suggest that this funding will result in a valuation increase of over 56% for the Bengaluru-based company, reaching around Rs 1,250-1,300 crore post-money.
Exponent Energy, led by Arun Vinayak and Sanjay Byalal, specializes in developing rapid-charging solutions for EVs that enable full charging in just 15 minutes. The company collaborates with OEMs to integrate its e-pack technology and establishes a network of e-pumps to facilitate efficient charging, particularly for logistics operators.
With this latest funding secured, Exponent Energy is poised to further enhance its position in the EV ecosystem, competing with other battery solution providers.
Source: Entrackr : Latest Posts