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Energy-tech startup Exponent Energy on Thursday announced it has raised $26.4 Million in a series B round led by Eight Roads Ventures, including a strategic investment from TDK Ventures.

The round witnessed participation from existing investors like Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Executive Chairman, Hero MotoCorp.

The 3-year-old Bengaluru-based startup has raised $44.4 Million in total to date and plans to utilise the fresh funds to scale its presence to five new cities by FY24.

The company said it also plans to expand its offering in the e3W space and enter the intercity e-bus segment in 2024.

“With this round, we’re set to scale operations from battery manufacturing to on-ground network presence across categories & cities, and simplify the broken energy ecosystem at scale,” said Arun Vinayak, Co-founder and CEO, Exponent Energy.

Exponent’s proprietary energy stack unlocks a 0-100 per cent rapid charge in 15 minutes for EVs and offers a 3,000-cycle life warranty using regular Li-ion cells.

“As our first investment in the electric vehicle sector in India, we’re very excited to partner with Arun, Sanjay, and the entire Exponent team, as they build one of the largest full-stack energy platforms in the country,” said Aditya Systla, Partner, Eight Roads Ventures.

Nicolas Sauvage, President, TDK Ventures added that Exponent's groundbreaking achievement in crafting an economical and scalable 15-minute rapid charging solution utilizing standard LFP cells is revolutionary, allowing electric vehicles to adopt a more compact battery pack that can swiftly charge within a concentrated public charging infrastructure.