Exponent Energy, a firm that provides electric vehicle (EV) rapid charging, is expected to finish its first funding round in over a year soon, raising $25 million at a valuation of $100–120 million, according to various persons briefed on the development.

Eight Roads, a worldwide investor supported by Fidelity that has backed Indian firms like Pharmeasy, Whatfix, Shadowfax, and Icertis, will spearhead the investment. According to the individuals mentioned above, Lightspeed India and AdvantEdge VC, two of Exponent Energy’s current investors, will also participate in the round.

Exponent Energy previously received $13 million in a Series A led by Lightspeed in August 2022, when the Bengaluru-based business was estimated to be worth $45 million.

According to one of the individuals mentioned above, “the company was seeking to raise close to $40 million but the round is getting finalised at $25 million.” The individual said, “Exponent has been in the market to raise funds for the last three to four months.”

According to a second source, the company plans to use the additional funding to improve its battery portfolio for new use cases and extend its charging infrastructure into other locations.

The individual stated, “At this time, the company is only present in Bengaluru and is finalising plans to expand into Delhi, Mumbai, Chennai, Hyderabad, and Ahmedabad.” The source continued, “Furthermore, Exponent is close to developing batteries for three-wheeler passenger vehicles and buses. It currently develops batteries for three-wheeler cargo EVs.”

The business began selling its goods in February of this year, and for the calendar year 2025, it expects to bring in Rs 600 crore.

Remarks were declined by Exponent Energy.

The company was founded in 2020 by Arun Vinayak and Sanjay Byalal Jagannath, two former executives of Ather Energy. Its technology promises to fully charge a vehicle in 15 minutes, a significant reduction from the standard three hours.

EV manufacturers must incorporate Exponent’s battery pack into their cars in order to guarantee quick charging. After that, the vehicle can be charged at Exponent’s own charging stations. At present, the company has thirty of these charging stations.

Based on information obtained from Tracxn, Vinayak held the biggest interest in Exponent Energy after the last fundraising round (19.8%), followed by YourNest VC and Lightspeed (14.9%) and 14.9% and 14.7%, respectively.

When asked for comments, Eight Roads, Lightspeed, and AdvantEdge VC did not reply.