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Bengaluru-based Exponent Energy has raised $26.4 million in a Series B funding round led by Eight Roads Ventures and TDK Ventures, marking its first investment in India.

Existing investors Lightspeed, YourNest VC, 3one4 Capital, AdvantEdge VC, and Pawan Munjal’s family office also participated in the round.

The startup plans to use the funds to expand its offerings for electric three-wheelers, enter five new cities, and set up 1,000 charging stations.

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

Vinayak told YourStory that the company is focusing on operations and expanding its manufacturing capabilities, particularly for its battery packs. It is soon shifting its manufacturing to a new facility in Hosur, near Bengaluru, which it has set up in partnership with another company.

Founded in 2020 by Vinayak and Sanjay Byalal, both ex-Ather Energy executives, Exponent Energy has raised $44.4 million in funding so far. It primarily caters to the energy needs of commercial electric vehicles via its rapid charging stations, battery packs, and charging connectors that OEMs can deploy in their vehicles.

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“Exponent’s focus on the Indian commercial vehicle space is a massive opportunity, which constitutes 10% of vehicles but consumes 70% of the on-road energy, with more vehicles transitioning to electric over the next few years,” said Aditya Systla, Partner at Eight Roads Ventures.