MUMBAI: Exponent Energy has raised Rs 200 crore ($21.1 million) in a fresh funding round co-led by 360 ONE Asset and TDK Ventures. This marks 360 ONE Asset's first investment in the electric vehicle (EV) sector and Hitachi Ventures' initial foray into India's energy sector. TDK Ventures, an existing backer, increased its stake through a follow-on investment.
The round also saw participation from all of Exponent's existing investors, including Eight Roads Ventures, Lightspeed, 3one4 Capital, and AdvantEdge VC. YourNest, Exponent's first institutional backer, invested $4 million through its Continuum Fund.
The fresh capital will accelerate Exponent's expansion into new cities and vehicle categories while deepening investment in research and development. With this raise, the six-year-old company has now raised $65.7 million in total since inception.
Integrated Ecosystem for Electric Future
Exponent is building an integrated ecosystem for the all-electric future, combining its proprietary energy stack (battery and charger), the Exponent OTO mobility platform, and the Exponent ONE financing and asset-management arm. This approach tackles the three biggest barriers to commercial EV adoption: energy, vehicles, and access to capital. The goal is to power millions of commercial vehicles across India and make electric a more rapid, reliable, and affordable choice than petroleum.
Leadership Vision
"The first five years were about building the core technology and proving rapid charging works reliably. Exponent 2.0 is about leveraging that foundation to build a category-defining energy company for electric mobility. With this capital, we are well-positioned to expand our footprint, enter new segments, and accelerate the transition to commercial EVs across India," said Arun Vinayak, founder and CEO of Exponent Energy.
