Get All Access for $5/mo

Exponent Energy Raises $13 Mn In Series A Led By Lightspeed This is Lightspeed India's first investment in the Indian EV space

By Soumya Duggal

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

freepik

Exponent Energy, a startup simplifying energy for EVs, has raised $13 million in a Series A funding round led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital and AdvantEdge VC also participating.

The amount raised will be utilised to scale up the e^pump network to 100 location points per city, starting with Bengaluru; streamline e^pack production; and deliver more exponent enabled EVs, said a statement.

"The need for enhancing EV battery performance, sustainability and most of all access and affordability has never been more pressing and so we are delighted to partner with Exponent to simplify energy for EVs. This team, with their drive and innovation, has made rapid EV battery charging possible in just 15 minutes. We are confident that the technology is a real breakthrough, allowing EVs to become ubiquitous," said Harsha Kumar, Partner, Lightspeed.

"We've really enjoyed thinking aloud with the Lightspeed team in all conversations leading up to the investment. We believe we have a great partner in them as we simplify energy for EVs - for an all-electric future. Our technology already delivers a seamless charging experience, and with our vehicle partnership in place, we'll scale-up our production and network presence to 100 e^pump location points per city to deliver freedom & flexibility to our customers. This funding now allows us to execute even faster and make 15-min rapid charging the new normal," said ArunVinayak, Co-founder & CEO, Exponent Energy.

Earlier this month, Exponent Energy partnered with Altigreen to work on facilitating rapid charging for eCVs on Indian roads. The company claims to have unveiled the world's fastest charging electric 3-wheeler that rapidly charges from 0-100 per cent within 15 minutes. Exponent's e^pack on the AltigreenneEV HD is uniquely built using regular LFP cell chemistry, making this the first rapid charging solution that's affordable and scalable, said the statement.

Soumya Duggal

Former Feature Writer

Science & Technology

Why We Shouldn't Fear AI in Education (and How to Use It Effectively)

Facing resistance to new technologies in the educational process is nothing new, and AI is no exception. Yet, this powerful tool is set to overcome these challenges and revolutionize education, preparing students and professionals for a future of unparalleled efficiency and personalized learning.

Growing a Business

How to Determine The Ideal Length of Your Marketing Emails Your Customers Will Actually Read

Wondering how long your marketing emails should be? Here's what consumers say — so you can send them exactly what they like.

Business News

A Former Corporate Lawyer Now Makes Six Figures on YouTube — Here's How She Does It

Here are the secrets to starting and growing a successful YouTube channel, according to a YouTuber with millions of subscribers.

Business News

New Southwest Airlines Major Investor Wants to Force Out CEO, Slams Company's 'Stubborn Unwillingness to Evolve'

Elliot Investment Management announced a $1.9 billion stake in the Dallas-based Southwest Airlines on Monday and is urging shareholders to vote for new leadership.

Business News

Elon Musk Threatens to Ban Employees from Using Apple Products, Says Will Lock Devices in 'Cages'

The Tesla founder sounded off on X following Apple's 2024 Worldwide Developer Conference on Monday.