Exponent Energy scores a fresh $21 million in funding

MUMBAI: Exponent Energy has raised Rs 200 crore ($21.1 million) in a fresh funding co-led by 360 ONE Asset and TDK Ventures. The round marks 360 ONE Asset's maiden investment in the EV sector and Hitachi Ventures’ first investment in the energy sector in India. TDK Ventures, an existing backer, increased its stake through a follow-on investment.

The round also 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 $4 million through its Continuum Fund.

The fresh capital will accelerate Exponent’s expansion into new cities, new vehicle categories and deepen investment in R&D. With this raise, the six-year-old company has now raised $65.7 million in total since inception.

Exponent is building an integrated ecosystem for the all-electric future, combining its proprietary energy stack (battery and charger), its Exponent OTO mobility platform, and its Exponent ONE financing and asset-management arm to take on the three biggest barriers to commercial EV adoption at once: energy, vehicles, and access to capital. The goal is to power millions of commercial vehicles across India and make electric the better energy choice - one that is more rapid, reliable, and affordable than petroleum.

“The first five years were about building the core technology and proving rapid charging works reliably. Exponent 2.0 is about leveraging that foundation to build a category-defining energy company for electric mobility. With this capital, we are well-positioned to expand our footprint, enter new segments, and accelerate the transition to commercial EVs across India,” said Exponent’s founder & CEO Arun Vinayak.
Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.