Electric vehicle (EV) charging infrastructure company Exponent Energy has raised $13 million in a Series A round led by Lightspeed Venture Partners.

Existing institutional investors YourNest VC and 3one4 Capital & AdvantEdge VC also participated in the round.
“We will expand our production and network to 100 e-pump anchors per city, giving our customers freedom and flexibility,” founder Arun Vinayak said in an August 17 statement.

The Bengaluru-based startup also plans to use the funding to streamline its battery pack offerings, electronics packaging, and production and offer more electric vehicles that grow exponentially.

Exponent Energy, founded in 2020 by former Ather chief product officers Vinayak and Sanjay Byalal, has built a battery pack and charging station, it claims can unlock 0% to 100% fast charging in 15 minutes for any number of rounds of electric vehicles and comes with a 3,000-cycle life warranty.

Vinayak said the funding would allow the company to execute faster and make 15-minute fast charging the new normal.

Earlier this month, Exponent Energy partnered with EV manufacturer Altigreen to enable fast charging of EV commercial vehicles. They have launched an electric tricycle that can quickly charge from 0% to 100% in 15 minutes.

In December 2021, Exponent Energy raised $6 million in seed and Pre-Series A funding from prominent investors, including the family office of Hero MotoCorp chairman Pawan Munjal, global auto parts supplier Motherson Group, and YourNest VC, 3one4 Capital, AdvantEdge VC and some angel investors.

According to a recent study by Meticulous Research, the electric vehicle charging station market is expected to be worth $103.6 billion by 2028, growing at a CAGR of 26.4% during the forecast period 2021-2028.

Exponent competes with Statiq, which has drawn up plans to invest around Rs 40 crore in building EV charging infrastructure in residential projects.