Chennai: Exponent Energy, an EV rapid charging startup co-founded by Arun Vinayak, Ather Energy’s founding partner and ex-CPO, has raised $13 million in a Series A funding round led by Lightspeed, with all existing institutional investors such as YourNest VC, 3one4 Capital & AdvantEdge VC also participating.
“The amount raised will be utilised to scale up the e-pump network to 100 location points per city; streamline e-pack production and deliver more Exponent enabled EVs,” the company said in a statement.
The funding comes just after Exponent raised undisclosed funding from the family office of Pawan Munjal, chairman & CEO of Hero MotoCorp. That investment was part of the $6 million Seed and Pre-Series A round which also included investments from Motherson Group, YourNest VC, 3one4 Capital, AdvantEdge VC and a few angel investors.
