Bengaluru-based energy-tech startup Exponent Energy, backed by Pawan Munjal’s family office, has unveiled ‘Exponent Oto’, a breakthrough retrofit solution designed to convert internal combustion engine (ICE) three-wheelers into electric vehicles (EVs).
Built around Exponent’s proprietary battery system capable of full charge in just 15 minutes, the retrofit aims to transform up to 2–2.5 million autorickshaws across India’s top 20 cities, targeting the most accessible segment of India’s 8–10 million-unit three-wheeler fleet.
Rapid Conversion and Cost Savings for Drivers
Exponent’s retrofit process replaces all fuel-based engine components, significantly cutting weight and enabling quick installation of the company’s electric powertrain. According to Ayush Bhargava, Head of Business at Exponent Energy, the entire conversion can be completed within 24 hours.
Once converted, vehicles can be fully charged from 0–100% in just 15 minutes at Exponent charging stations and come with a five-year warranty or 3,000 charge cycles. Bhargava said the system helps drivers save up to ₹5,000 per month, extending vehicle lifespan while lowering operating costs.
Affordable Pricing and Financing Options
The conversion is priced at ₹1.7 lakh, with zero downpayment options, flexible EMIs, and an assured buyback plan after three years. The initiative seeks to reduce dependence on LPG and CNG fuels, aligning with India’s urban sustainability goals.
Battery Ecosystem and Expansion Plans
Exponent’s retrofit ecosystem integrates three proprietary components E-pack (battery pack), E-pump (charging station), and E-plug (connector) engineered for 15-minute charging and consistent performance.
Founded in 2020 by Arun Vinayak, former CPO at Ather Energy, the company has raised $44.6 million from investors like Lightspeed, Eight Roads Ventures, 3one4 Capital, and YourNest VC. It operates in Delhi-NCR, Bengaluru, Chennai, and Ahmedabad, with plans to scale conversions to thousands of vehicles per month.
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