The company will use the funds raised to begin commercial operations and scale it across multiple cities starting with Bengaluru in early 2022
Fast EV battery charging technology provider Exponent Energy has raised $5 million in a Pre-Series A round of funding from auto components supplier Motherson Group and existing investors.
The round was led by YourNest VC, which was has been an existing investor, while 3one4 Capital & AdvantEdge VC doubled down on their earlier investment.
Arun Vinayak, co-founder and CEO of said, “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 prioritised closing the Pre-Series A to enter the market by early 2022.”
The company will use the funds raised to begin commercial operations and scale it across multiple cities starting with Bengaluru in early 2022. It plans to hire across product and engineering teams to ensure their products enter production.
Bengaluru-based Exponent Energy aims to simplify the complicated, expensive and slow ‘EV energytrain’ – the flow of energy between the charger and battery, in India.
Laksh Vaaman Sehgal, Vice Chairman, Motherson Group, said, “As the auto industry adopts EVs, we want to remain a key player and partnering with startups like Exponent gives us a head start to be able to build offerings that help us to continue to expand and achieve our broader vision.”
Exponent Energy is led by Ather Energy’s former chief product officer Arun Vinayak and Sanjay Byalal, a former Ather Energy executive and HUL supply chain and operations manager.