EV company Exponent eyes $25 million at $100-120 million valuation
Exponent Energy is set to shortly close its first funding round in more than a year by raising $25 million at a valuation of $100-120 million, multiple people briefed on the development said.
The round will be led by Fidelity-backed global investor Eight Roads, which has invested in Indian startups such as Pharmeasy, Whatfix, Shadowfax and Icertis. Exponent Energy’s existing investors including Lightspeed India and AdvantEdge VC will also take part in the round, the people cited above said.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Digital TransformationVisitMITMIT Technology Leadership and InnovationVisitExponent Energy had last raised $13 million in August 2022 in a Series A led by Lightspeed that valued the Bengaluru-based startup at around $45 million.
“Initially, the company was seeking to raise close to $40 million but the round is getting finalised at $25 million,” one of the persons cited above said. “Exponent has been in the market to raise funds for the last three to four months,” the person added.
Another person said the company is looking to deploy the fresh capital to expand its charging infrastructure into more cities while also enhancing its battery portfolio for additional use cases.
“Currently, the company is present only in Bengaluru, and is finalising plans to expand into Delhi, Mumbai, Chennai, Hyderabad and Ahmedabad,” the person said. “Further, Exponent develops batteries right now for three-wheeler cargo EVs…it is close to developing batteries for three-wheeler passenger vehicles and buses,” the person added.
The company started selling its products in February this
