Total amount raised
$44.4 Million
Latest funding date
12/1/2023
Location
Exponent Energy has successfully raised funding over five rounds, with the latest being a Series B round. The company is backed by nine investors, including prominent names like Eight Roads Ventures and TDK Corporation.
Keep reading to explore the intricacies of Exponent Energy's fundraising journey and the investors supporting this innovative platform.
What Is Exponent Energy?
Exponent Energy, founded in 2020, is a private company based in Bengaluru, Karnataka, India. The company specializes in developing fast charging technology for electric vehicles, aiming to simplify energy solutions for EV users.
Operating within the automotive, electric vehicle, electronics, energy, and industrial manufacturing industries, Exponent Energy boasts an employee count ranging between 101-250. Their innovative technology enables a 15-minute charge time, ensuring a seamless and efficient energy experience for various EV types.
How Much Funding Has Exponent Energy Raised?
- Series B
- Amount Raised: USD 26,400,000
- Date: December 2023
- Lead Investors: Eight Roads Ventures, TDK Corporation
- Valuation at Round: USD 100-120 million
- Motivation Behind the Round: To scale presence to five new cities by FY24, expand offerings in the electric three-wheeler space, and enter the intercity e-bus segment in 2024.
- Series A
- Amount Raised: USD 13,000,000
- Date: August 2022
- Lead Investors: Lightspeed India Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support the company's growth and development of rapid charging solutions.
- Series Unknown
- Date: August 2022
- Lead Investors: Pawan Munjal Family Trust
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support initial development and scaling efforts.
- Seed
- Amount Raised: USD 5,000,000
- Date: December 2021
- Lead Investors: YourNest Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support initial development and scaling efforts.
- Seed
- Date: May 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Likely to support initial development and scaling efforts.
Total amount raised: USD 44,400,000. Current valuation: USD 100-120 million.
Key Investors
- Eight Roads Ventures
- Details: Eight Roads Ventures is a global venture capital firm that invests in technology, healthcare, and consumer sectors. They have a strong presence in Asia, Europe, and the US.
- Investment Focus Areas: Technology, healthcare, consumer, financial services
- Notable Investments: Alibaba, App Annie, Cúram Software
- TDK Corporation
- Details: TDK Corporation is a Japanese multinational electronics company that focuses on electronic components, energy devices, and magnetic application products. They are known for their innovation in the electronics industry.
- Investment Focus Areas: Electronic components, energy devices, magnetic application products
- Notable Investments: Qualcomm, Tesla, Faraday Future
- Lightspeed India Partners
- Details: Lightspeed India Partners is a venture capital firm that invests in early and growth-stage companies in the technology, media, and telecommunications sectors. They have a significant presence in the Indian startup ecosystem.
- Investment Focus Areas: Technology, media, telecommunications
- Notable Investments: OYO Rooms, Byju's, Udaan
- Pawan Munjal Family Trust
- Details: The Pawan Munjal Family Trust is the investment arm of Pawan Munjal, the executive chairman of Hero MotoCorp. The trust focuses on various sectors, including technology and energy.
- Investment Focus Areas: Technology, energy
- Notable Investments: Hero MotoCorp, Ather Energy
- YourNest Venture Capital
- Details: YourNest Venture Capital is an early-stage venture capital firm that invests in technology startups. They focus on deep tech, IoT, SaaS, and AI sectors.
- Investment Focus Areas: Early-stage technology startups
- Notable Investments: Uniphore, Mycity4kids, SmartQ
What's Next for Exponent Energy?
Exponent Energy is poised for significant growth, with plans to expand to five new cities by FY24 and enter the electric three-wheeler and intercity e-bus markets in 2024. The company aims to deploy 1,000 charging stations and power 25,000 EVs by 2025, targeting a revenue run rate of Rs 600 crore.
Future fundraising opportunities are likely as Exponent Energy scales its operations and enhances its technology. The company may attract additional investments to support its ambitious goals and technological advancements, potentially leading to strategic partnerships or acquisitions.
However, challenges such as managing rapid charging technology, scaling operations, and competing with other EV battery solution providers remain. Navigating regulatory and market dynamics will also be crucial as Exponent Energy continues its expansion.
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