Bengaluru-based EV energy startup Exponent Energy has raised ₹200 crore in its Series B2 funding round, giving a major boost to its expansion plans. The fresh investment has pushed the company’s valuation to around ₹1,250–1,300 crore, reflecting strong investor confidence in its fast-charging technology and business model.
The funding round was co-led by 360 ONE Asset and TDK Ventures. Several existing investors also participated, along with new investor Hitachi Ventures. With this latest round, Exponent Energy has now raised nearly $65.7 million since it was founded.
The company plans to use the funds to expand its charging network, enter new vehicle segments, and strengthen its technology and financing businesses.
Strong Investor Support for Exponent Energy
The Series B2 round attracted interest from both new and existing investors. For 360 ONE Asset, this marks its first investment in the electric vehicle sector. Existing investor TDK Ventures also increased its stake in the company through a follow-on investment.
Hitachi Ventures, the venture capital arm of the Japanese industrial technology group Hitachi, joined the round as a new investor. The investment is significant because it is the firm’s first investment in India’s energy sector.
Existing backers including Eight Roads Ventures, Lightspeed India, 3one4 Capital, AdvantEdge VC, and YourNest also participated in the funding round. YourNest, one of Exponent Energy’s earliest institutional investors, invested additional capital through its Continuum Fund.
To raise the funds, the company’s board approved the issue of over 85,000 Series B2 Compulsorily Convertible Preference Shares at a price of ₹21,430 per share. Alongside the fundraising, Exponent Energy also expanded its Employee Stock Ownership Plan (ESOP) pool by nearly ₹25 crore to reward and retain employees as the company grows.
Company Plans Expansion Across India
Exponent Energy plans to use the new capital to expand its fast-charging network beyond Bengaluru and Delhi. The company aims to enter more metro cities and major logistics hubs where demand for commercial electric vehicles is increasing.
Founded in 2020, Exponent Energy is known for its full-stack EV charging technology. The company has developed its own battery pack, charging station, and charging connector system. It claims that its technology can charge electric vehicles in just 15 minutes while maintaining strong battery performance over time.
According to the company’s leadership, the first few years were spent building and proving the technology. Now, the focus is shifting towards scaling operations and increasing market presence.
The startup is also planning to enter larger commercial vehicle categories, including electric buses. This could open up new growth opportunities as India’s public transport and logistics sectors continue to adopt electric mobility solutions.
In addition, Exponent Energy will expand its retrofit business, which converts existing CNG and LPG three-wheelers into electric vehicles. The company will also invest in Exponent One, its AI-powered financing and asset-management platform designed to support EV fleet operators.
Leadership Changes Mark a New Growth Phase
The funding round comes at a time when Exponent Energy is undergoing important leadership changes. Co-founder Sanjay Byalal Jagannath has stepped down from his executive role and moved into an advisory position. He has also reduced part of his shareholding in the company.
The move reflects the company’s transition into what its leadership describes as “Exponent 2.0” — a phase focused on large-scale growth, infrastructure expansion, and financial services.
To strengthen this next stage of growth, Exponent Energy has brought in Sandeep Divakaran, formerly with Greaves Cotton, as Co-founder and CEO of Exponent One. He will lead the company’s financing and asset-management business.
Investors believe Exponent Energy’s biggest strength is its full-stack approach. Instead of relying on third-party technology, the company controls its battery, charger, and software systems. This allows it to offer faster charging, better reliability, and a stronger user experience.
With its valuation crossing ₹1,250 crore and fresh capital in hand, Exponent Energy is now preparing for its next phase of growth. As India continues to see rising demand for electric vehicles and charging infrastructure, the startup is looking to strengthen its position as a key player in the country’s EV ecosystem.