Exponent Energy Pvt Ltd raises $5 million in a Pre-Series A funding round to develop fast charging technology for electric vehicles, aiming to enhance EV adoption in India.
Target Information
Exponent Energy Pvt Ltd, an innovative start-up specializing in fast charging technology for Electric Vehicles (EVs), has successfully secured $5 million (approximately 37 crore) in a Pre-Series A funding round. This round was spearheaded by early-stage investor YourNest Venture Capital, with contributions from 3one4 Capital, AdvantEdge VC, and Motherson Group. The company plans to utilize these funds to launch commercial operations starting in Bengaluru in early 2022, enhance its product and engineering teams, and expand its software offerings.
Founded by Arun Vinayak, the former Chief Product Officer at Ather Energy, alongside co-founder Sanjay Byalal, Exponent Energy's technology promises to enable 15-minute rapid charging for EVs using conventional lithium-ion batteries, while achieving an impressive charging cycle count of 3,000. This capability can be attributed to their proprietary battery management system (BMS), advanced charging algorithms, and distinctive pack design, positioning the company to transform the landscape of EV charging.
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Industry Overview in India
The electric vehicle sector in India is witnessing a significant growth trajectory, driven by various government initiatives such as the FAME India II scheme, the National Programme on Advanced Chemistry Cell (ACC), and the Production Linke
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YourNest Venture Capital
invested in
Exponent Energy Pvt Ltd
in 2021
in a Pre-Seed Stage deal
Disclosed details
Transaction Size: $5M