Exponent Energy to Raise Rs 182 Crore in Series B Funding for EV Solutions

Exponent Energy, an innovative startup focused on EV rapid charging, is poised to secure Rs 182 crore ($20 million) in an expanded Series B funding round. This financing is co-led by 360 One and TDK Ventures. Existing investors such as YourNest, Advantedge Technology, Eight Roads Ventures, and Lightspeed India will also participate in this round.

Details of the Funding Round

This marks the first significant funding for Exponent Energy in over two years, following its previous $26.4 million Series B round completed in December 2023. As per the filing with the Registrar of Companies (RoC), the board at Exponent Energy has approved the issuance of 85,135 Series B2 CCPS across two separate submissions at an issue price of Rs 21,430 to raise the aforementioned funding amount.

Key Investments in the Round

360 One will spearhead this round with an investment of Rs 45 crore. TDK Ventures and YourNest Venture Capital will follow with contributions of Rs 44.50 crore and Rs 37.82 crore respectively. Additional investors include Advantedge Technology with Rs 19 crore, Eight Roads Ventures contributing Rs 15.58 crore, 3One4 Capital at Rs 8.9 crore, and Lightspeed India with Rs 6.67 crore. Other contributors consist of Rohati Private Strategies, Indigo Circle Advisors, and Vivek Kamlesh Doulatani.

According to Startup Superb’s analyses, Exponent Energy’s valuation is expected to increase by over 56% to approximately Rs 1,250-1,300 crore post-money, up from Rs 797 crore after its previous $26.4 million funding round.

Employee Stock Options and Growth Strategies

Exponent Energy has also approved an increase in its employee stock option plan (ESOP) pool by 11,550 options, aggregating around Rs 24.75 crore. This will bring the total number of options to 62,570, in addition to a 4,000 SAR pool. The combined ESOP and SAR pool has an estimated value of Rs 142.6 crore.

Reports from Moneycontrol in February indicated that Exponent Energy was exploring opportunities to secure additional funding.

About Exponent Energy

Led by Arun Vinayak and Sanjay Byalal, Exponent Energy develops rapid charging solutions for electric vehicles, enabling a full charge in just 15 minutes. The company collaborates with OEMs to incorporate its e-pack technology, while also developing a network of e-pumps for more efficient logistics operations.

To date, Exponent Energy has raised over $44 million, including a $13 million round in August 2022. The company, supported by Eight Roads Ventures, has seen its revenue soar by over 80%, reaching Rs 30.2 crore in the fiscal year ending March 2025, up from Rs 16.4 crore in FY24. During the same timeframe, Exponent Energy successfully reduced its losses by 66%, dropping to Rs 65 crore from Rs 192 crore in FY24.

Competitive Landscape

In the competitive EV ecosystem, Exponent Energy faces other battery solution providers such as Lohum, currently negotiating a Rs 1,000 crore pre-IPO round, and Battery Smart, which has recently initiated its pre-Series C round seeking Rs 66 crore in funding. Other notable players in this sector include Nexus Battery, Chargeup, and Statiq.