Exponent Energy, a Bengaluru-based startup that builds battery packs, rapid chargers, and financing products for commercial electric vehicles, has raised 2 billion rupees, or about US$21.1 million, in a round co-led by 360 ONE Asset and TDK Ventures.

It plans to use the funds to expand its charging network across India, enter new commercial vehicle segments, and keep investing in research and development.

Hitachi Ventures also joined the round, in what it said was its first energy-sector investment in India, alongside existing backers Eight Roads Ventures, Lightspeed, 3one4 Capital, AdvantEdge VC, and YourNest.

YourNest added US$4 million through its Continuum Fund, bringing Exponent Energy’s total funding to US$65.7 million.

The company said its rapid-charging system is a proprietary stack in which battery packs, chargers, battery management, charging algorithms, and off-board thermal management work together, instead of relying on a standard public charger.

Exponent Energy’s network is used with vehicles from Omega Seiki Mobility, Montra Electric, and Altigreen, and by fleets operated by Magenta Mobility and Fyn Mobility.

🔗 Source: The Economic Times