The family office of Hero Motocorp Chairman Pawan Munjal made an invested of undisclosed amount in Exponent Energy
Exponent will also use the investment to scale up its EV battery pack production capabilities and expand its footprint to other cities
Exponent also announced a partnership with EV manufacturer Altigreen Propulsion Labs to produce an electric three-wheeler that can be fully charged in 15 minutes
Electric vehicle (EV) charging infrastructure startup Exponent Energy has raised an undisclosed amount of funding from the family office of Hero Motocorp Chairman Pawan Munjal.
The startup will use the funding to set up 100 EV charging stations across Bengaluru in its first leg of expansion. Exponent will also use the investment to scale up its EV battery pack production capabilities and expand its footprint to other cities.
Exponent also announced a partnership with EV manufacturer Altigreen Propulsion Labs to produce an electric three-wheeler that can be fully charged in 15 minutes.
“By being cell agnostic, we can leverage the existing manufacturing ecosystem that produces LFP (lithium iron phosphate) and NMC (nickel, manganese and cobalt) cells extensively, and scale much faster. Altigreen’s engineering first approach gave us the confidence to work with them and made us realise they are the best partners for us,” Exponent CEO and cofounder Arun Vinayak said.
Founded in 2020 by Ather Energy’s former chief product officer Vinayak and Sanjay Byalal, Exponent’s offerings include EV battery packs and charging stations. It focuses on developing scalable and affordable fast charging avenues for EVs.
In December last year, the startup raised $5 Mn in a strategic funding round led by YourNest VC. Exponent claims to have raised $6 Mn in total since its inception and is backed by marquee names such as Motherson Group, 3one4 Capital, AdvantEdge VC and others.
According to a report, India’s total EV market opportunity is projected to be around $206 Bn by 2030.
With the adoption of EVs picking up in the country, EV startups have captured the attention of investors. Earlier this month, Bengaluru-based electric mobility startup River raised $11 Mn in a round led by Lowcarbon Capital. Last month, electric ride-hailing startup BluSmart also closed a $250 Mn funding round led by BP Ventures.
The Centre is also reportedly mulling setting up a $5 Bn fund to support the adoption of EVs in the country. Meanwhile, states such as Haryana and Chhattisgarh have also unveiled their respective EV policies in the last couple of months.