Electric vehicles charging startup Exponent Energy on Wednesday said it has raised USD 13 million (over Rs 100 crore) in a Series A funding round led by investment firm Lightspeed.
Existing investors YourNest VC, 3one4 Capital and AdvantEdge VC also participated in the round, the company said in a statement. Exponent Energy, which has developed its proprietary charger and battery ‘e-pump’ and ‘e-pack’ that together can provide rapid charging of 100 per cent in 15 minutes, said it will use the fresh funds to expand its network and streamline production. The company plans its ‘e-pump’ network to be 100 location points per city, starting with Bengaluru, the statement said.
“This funding now allows us to execute even faster and make 15-min rapid charging the new normal,” Exponent Energy co-founder and CEO Arun Vinayak said. On the investment in Exponent Energy, Lightspeed Partner Harsha Kumar said, “We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous”.
The startup had earlier raised USD 6 million in seed and pre-series A round from various investors, including the family office of Hero MotoCorp Chairman and CEO Pawan Munjal, auto components major Motherson Group, YourNest VC, 3one4 Capital and AdvantEdge VC.