Exponent Energy, a Bengaluru-based electric vehicle energy startup, has raised Rs 200 crore ($21.1 million) in a funding round co-led by 360 ONE Asset and TDK Ventures as it looks to expand its charging and energy platform for commercial electric vehicles.
The round also saw participation from Hitachi Ventures, marking the venture capital firm’s first investment in India's energy sector. 360 ONE Asset also made its debut investment in the EV space.
Existing investors Eight Roads Ventures, Lightspeed Venture Partners, YourNest VC, 3one4 Capital and AdvantEdge VC also participated, with YourNest investing an additional $4 million (Rs 38 crore) through its Continuum Fund.
TDK Ventures, the corporate venture capital arm of Japan's TDK Corporation, increased its stake through a follow-on investment.
The six-year-old company has now raised a total of $65.7 million since inception.
"We are excited to welcome the new investors to our cap table and grateful to our existing investors for their continued backing," co-founder Arun Vinayak said in a statement.
The company said the fresh capital will be used to deepen its research and development efforts, expand into new vehicle categories, and enter additional markets.
Founded by Vinayak and Sanjay Byalal, Exponent develops a full-stack energy ecosystem for commercial EVs, combining battery packs, charging infrastructure and software. The company says its proprietary technology enables EVs to be charged in 15 minutes while offering a battery life warranty of up to 3,000 charge cycles.
The company has positioned itself as an energy partner for vehicle manufacturers and fleet operators, seeking to address charging infrastructure, vehicle deployment and financing needs through an integrated platform.
The latest funding comes as India's commercial electric vehicle market attracts growing investor interest, driven by rising fleet electrification and demand for charging infrastructure.
