New Delhi:Bengaluru-based fast battery charging technology provider Exponent Energy on Wednesday announced that it has secured USD 5 million in a pre-series A round of funding. Existing investor, YourNest VC led the fresh round of funding; 3one4 Capital & AdvantEdge VC doubled down on their earlier investment as the new round witnessed the participation of Motherson Group, a leading global supplier of automotive components, the startup said in a release.
“Motherson coming on board adds immense value to scale with respect to OEM relationships and manufacturing partnerships. Given the demand witnessed for our rapid charging technology in the logistics space, we prioritized closing the Pre-Series A to enter the market by early 2022,” co-founder and CEO, Arun Vinayak, said.
The startup will use the funds raised to begin commercial operations and scale it across multiple cities starting with Bengaluru from early 2022, hire across product and engineering teams to ensure their products enter production, build out a robust deployment team for smooth operations and double down on its software products to create a seamless customer experience.
Highlighting Exponent’s vision, Vinayak said, “For nearly a decade, stakeholders have come together to solve the drivetrains of the EV ecosystem, getting the 0-1 shift done and dusted for EV adoption. However, to unlock scale, the 1-100 journey needs energy partnerships crafted in a way that creates a win-win-win scenario for the consumer, the vehicle manufacturer, and the charging station partner. At Exponent, we are creating that deeper impact for everyone to scale exponentially.”
According to Sunil Goyal, managing director, YourNest VC, Exponent Energy has developed the much-needed proprietary rapid charging battery and infrastructure technology to provide a seamless and rapid charging experience of ‘recharge like you refuel’. “With this round of investment, the company plans to enter and become a dominant player in the market to make our world sustainable,” he added.
On a similar note, Laksh Vaaman Sehgal, vice chairman, Motherson Group, said, “As the auto industry adopts EVs, we want to remain a key player. Partnering with startups like Exponent gives us a head start to be able to build offerings that help us continue to expand and achieve our broader vision.”