Exponent Energy Cofounder Sanjay Jagannath Steps Down

Sanjay Byalal Jagannath has exited Exponent Energy, the EV rapid-charging startup he cofounded in 2020 with Arun Vinayak, amid a broader internal restructuring and leadership transition at the startup.

In a LinkedIn post, Vinayak said Exponent Energy’s transition from “just an energy-tech company to an energy company” required structural and leadership changes as it scaled newer verticals such as mobility platform Exponent Oto, financing arm Exponent One, and charging infrastructure.

The development was first reported by Moneycontrol.

Notably, Exponent Energy forayed into EV financing with the launch of subsidiary Exponent One earlier this year to offer financing solutions for commercial EV operators. The platform, launched in partnership with former evfin CEO Sandeep Divakaran, also raised $2 Mn from AdvantEdge.

Vinayak said Exponent One was launched after the startup realised EV financing was a “deep and complex problem” that required a separate company and “very different leadership”.

He added that the charging network also evolved from being an operational challenge to becoming Exponent Energy’s “core business” as the startup entered its next phase of scale.

“All of this meant we had to shift gears in how we operated and team structures,” Vinayak wrote, adding that the decision was taken mutually in August last year as the startup believed it needed “new leadership with different perspectives and seasoned experience” for its next stage of growth.

Vinayak added that Jagannath will continue in an advisory role while exploring opportunities outside Exponent Energy. He also credited him for helping build the startup’s charging network, operations, and finance functions during its early years.

He further said the restructuring and transition process was carried out amicably with the support of investors and the larger Exponent team over the past year. Vinayak also hinted at an upcoming funding round by mentioning potential “incoming investors” in his post. 

Meanwhile, Jagannath, in a statement, said, “Sometime last year, we realised that a shifting of gears was needed – new perspectives and seasoned experience to take us to a new scale.

The strong foundations, the trust in the new and continuing leadership as well as the embedded culture in Exponent also gave me the confidence that there wouldn’t be a better time for me to explore new directions and ideas…” 

It is pertinent to mention that Moneycontrol reported in February that Exponent Energy was in talks to raise $22 Mn-$28 Mn (₹190 Cr-₹250 Cr) in fresh funding from 360 One, with participation from existing investors including Eight Roads Ventures and TDK Ventures.

The Indian startup ecosystem has seen a wave of founder and leadership exits in 2026 amid restructuring, AI pivots, and profitability-focused realignments.

Most recently, CARS24 cofounders Mehul Agrawal and Gajendra Jangid moved away from operational responsibilities earlier this year. 

Earlier in May, Sumit Gwalani exited Fi Money following the startup’s pivot toward a B2B AI platform. At Swiggy, cofounder Nandan Reddy resigned as whole-time director and head of innovation to pursue independent ventures.

In February, Saurabh Jain stepped down as chief business officer of Livspace amid the company’s AI-led restructuring, which also saw the home interiors platform lay off around 1,000 employees — roughly 12% of its workforce.

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