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EV tech co Exponent Energy raises $26.4 M from Eight Roads, TDK Ventures, others

Business Standard  

Bengaluru-based Exponent Energy , a startup which claims to have built 15-minute charging technology for electric vehicles, has raised USD 26.4 million in a Series B round led by Eight Roads Ventures. The round saw participation from TDK Ventures, marking their first investment in India's EV sector. The round also witnessed participation from all existing investors such as Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of. Pawan Munjal, Executive Chairman, Hero MotoCorp. The three-year-old startup has raised USD 44.4 million in total so far and plans to use the fresh funds to scale its presence to five new cities in the financial year 2024. The company also plans to expand its offering in the e3W space and enter the intercity e-bus segment in 2024. It aims to deploy 1,000 e-pumps (charging stations) and have 25,000 EVs powered by 2025.