Exponent Energy Co-Founder Steps Down Amid Wider Startup Executive Churn

Founder Exits Exponent Energy Amid Broader Churn in Startup Ecosystem

Sanjay Byalal Jagannath, co-founder of rapid-charging battery startup Exponent Energy, has exited the company citing personal reasons. Jagannath had founded the company in 2020 along with Arun Vinayak, after the duo left their roles at Ather Energy. He holds around 3-3.7 percent in Exponent, according to private markets data provider Tracxn, and is in the process of diluting a sizeable portion of it.

Exponent Energy is being valued at $150-180 million (Rs 1,300-1,600 crore), up from around $90 million in 2024. The company has raised over $60 million (around Rs 550 crore) and is backed by AdvantEdge, YourNest, Lightspeed, 3one4 Capital, Pawan Munjal Family Trust and others.

Exponent Energy is in talks to raise $22-28 million (Rs 190-250 crore) from 360 One in a fresh round that will also see existing investors such as Eight Roads Ventures, TDK Ventures participating along with others. The company has confirmed Jagannath's departure, stating that the restructuring was done amicably with full support of all their investors and the larger Exponent team working through the transition last year.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

Key Developments

Jagannath's exit comes weeks after Moneycontrol exclusively reported on February 13 that Exponent Energy is in talks to raise $22-28 million from 360 One. This is part of a broader trend of founder exits in the startup ecosystem, which has seen a string of high-profile departures in recent months.

In 2026 alone, several prominent startup founders exited the companies they helped build. These included Mehul Agrawal and Gajendra Jangid from Cars24, Pawan Gupta from Fashinza, Shashvat Nakrani from BharatPe, Nandan Reddy from Swiggy, among others. While some founders have moved beyond legacy sectors such as e-commerce and consumer internet to launch ventures in emerging areas like AI and deep tech, others are still weighing their next move or have taken up operating roles at scaled startups.

Read also: US-Iran Tensions Spark Uptick in Oil Prices Amid Global Market Decline

Jagannath has stated that sometime last year, he and Vinayak realised that a shifting of gears was needed - new perspectives and seasoned experience to take Exponent to a new scale. This decision was made amicably, with full support from all investors and the Exponent team.