Bengaluru-based Exponent Energy, backed by the family office of Hero MotoCorp Chairman and CEO Dr Pawan Munjal, has unveiled ‘Exponent Oto’, an innovative technology that converts Internal Combustion Engine (ICE) three-wheelers into electric vehicles (EVs). The solution is powered by the company’s proprietary battery system, capable of achieving a full charge in just 15 minutes.

Exponent aims to convert 2 to 2.5 million auto-rickshaws across the top 20 Indian cities, targeting the most immediate segment of India’s estimated 8–10 million-unit auto base. The company plans to scale up conversions from a few hundred per month to several thousand soon, driven by the rising operational costs of LPG and CNG vehicles in cities.

The retrofit process involves removing all fuel-based ICE components, reducing weight and freeing up space for the electric powertrain. “The entire retrofit can be completed within 24 hours,” said Ayush Bhargava, Head of Business at Exponent Energy. Once converted, the vehicle can be charged from zero to 100 per cent in 15 minutes at any Exponent charging station. The battery comes with a five-year warranty or 3,000 charging cycles.

According to Bhargava, the conversion extends vehicle life and enables drivers to save up to Rs 5,000 per month, making the shift to electric mobility cost-effective and sustainable. The retrofit is priced at around Rs 1.7 lakh, and Exponent offers zero downpayment, flexible EMIs, and an assured buyback after three years to boost adoption.

At the heart of the system is Exponent’s proprietary energy ecosystem, comprising the battery pack (e-pack), charging station (e-pump), and charging connector (e-plug) — all designed to deliver rapid 15-minute charging and maintain long-term performance across 3,000 cycles, even with frequent fast charging.

Founded in 2020 by Arun Vinayak, former Chief Product Officer at Ather Energy, Exponent has already deployed its technology in 2,100 EVs, established 150 charging stations, and completed over 1 million rapid-charging sessions.

The company has raised $44.6 million across Pre-Series A, Series A, and Series B rounds from investors including Lightspeed, Eight Roads Ventures, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr Pawan Munjal. Exponent currently operates in Delhi-NCR, Bengaluru, Chennai, and Ahmedabad.