New Delhi, Jun 10 (PTI) Exponent Energy, a Bengaluru-based firm building rapid-charging infrastructure for commercial electric vehicles, on Wednesday said it has raised Rs 200 crore (USD 21.1 million) in a fresh funding round co-led by 360 ONE Asset and TDK Ventures.
The fresh capital will be utilised to accelerate exponent’s expansion into new cities and new vehicle categories and deepen investment in R&D, Exponent Energy said.
With this raise, the six-year-old company has now raised USD 65.7 million in total since inception.
The round marks 360 ONE Asset’s maiden investment in the EV sector. It also marks Hitachi Ventures’ first investment in the energy sector in India, while TDK Ventures, an existing backer, increased its stake through a follow-on
investment.
The round saw participation from all of Exponent’s existing investors, including Eight Roads Ventures, Lightspeed, 3one4 Capital, and AdvantEdge VC. YourNest, Exponent’s first institutional backer, invested USD 4 million through its Continuum Fund.
Arun Vinayak, Founder & CEO, Exponent Energy said, “We are excited to welcome the new investors to our cap table and grateful to our existing investors for their continued backing. Their belief in Exponent is grounded in years of patient execution and a conviction that we have the right to be a large energy player in an all-EV world”.
Sumit Jain, Head, Venture Growth Investments, 360 ONE Asset said, “We are backing Exponent to become the leading energy platform for an electric-first India, and we have deep conviction that the Exponent team led by Arun are best placed to achieve this vision.” PTI RSN DR DR
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