Exponent Energy Unveils Fintech Platform Exponent One, Raises USD 2 Mn Pre-Seed Exponent One will be led by Sandeep Divakaran, a mobility and financing veteran who has held CXO roles at Ola and evfin by Greaves Electric Mobility.

Exponent Energy, a Bengaluru-based EV energy startup, has launched Exponent One, a fintech and asset management platform aimed at financing commercial electric vehicles.

The move is intended to address one of the biggest barriers slowing electric vehicle adoption in India — limited access to financing.

The new entity has raised USD 2 million in pre-seed funding from mobility-focused venture capital firm AdvantEdge Foundry.

Exponent One will be led by Sandeep Divakaran, a mobility and financing veteran who has held CXO roles at Ola and evfin by Greaves Electric Mobility. Exponent Energy will retain a majority stake in the subsidiary, with Divakaran joining as co-founder and CEO.

Founded in 2020 by former Ather Energy executive Arun Vinayak, Exponent Energy has developed a full-stack energy ecosystem for commercial EVs. Its offerings include battery packs, charging stations, and connectors capable of delivering a full charge in about 15 minutes. The company has deployed several thousand vehicles so far, primarily in the three-wheeler segment, and built charging infrastructure across pilot cities.

Vinayak highlighted financing as a major constraint for drivers. "For every 100 drivers who put down a down payment to buy a commercial EV, only around 20 get financing," he said. "Energy in EVs is fundamentally an upfront capex problem. Without solving financing, adoption cannot scale."

Exponent One aims to bridge this gap by offering financing, insurance, savings products, and asset lifecycle management tailored for commercial EV drivers and fleet operators. It will initially focus on electric three-wheelers, light commercial vehicles, buses, and trucks.

The platform leverages Exponent's integrated ecosystem to gather "energy intelligence," enabling insights into vehicle usage, energy consumption, and operational consistency. This data helps predict asset health, estimate residual value, and identify early signs of financial stress — capabilities traditional lenders often lack.

Exponent believes the integrated approach will improve loan performance while expanding access to financing. The fresh funding will be used to develop the platform and expand partnerships with lenders and insurers.

With India home to millions of commercial vehicles, the company sees financing innovation as critical to accelerating electrification and scaling EV adoption nationwide.