Bengaluru-based energy technology company Exponent Energy is taking its electric vehicle retrofit business beyond its home market, with plans to enter Delhi-NCR, Chennai, and Hyderabad. The company has completed 200 passenger three-wheeler retrofits in Bengaluru, with the converted vehicles collectively covering around 1.5 million kilometers across 25,000 charging sessions. Exponent Energy expands its EV Retrofit business as it targets a much larger transition from petrol, LPG, and CNG autorickshaws to electric mobility. The company is now finalizing dealership arrangements in three major markets and aims to convert around 40,000 three-wheelers over the next two years.
What is Exponent Energy planning?
Exponent Energy is expanding its EV retrofit business from Bengaluru to Delhi-NCR, Chennai, and Hyderabad. After completing 200 three-wheeler conversions in Bengaluru, the company plans to scale to 40,000 retrofits over the next two years, targeting older petrol, LPG, and CNG autorickshaws.
Key Highlights
- 200 EVs retrofitted in Bengaluru
- Converted vehicles have covered around 1.5 million km
- More than 25,000 charging sessions completed
- The company claims to have around a 20% share of Bengaluru’s new electric passenger three-wheeler market
- Current retrofit additions: 50–60 vehicles per month
- Expansion planned for Delhi-NCR, Chennai, and Hyderabad
- Target: 40,000 EV retrofits in two years
- Around 90 live charging stations currently operational in Bengaluru
- Charging network expected to reach 100 stations
- Claimed full charge time: 15 minutes
- Retrofit vehicles carry a claimed 2-lakh-km battery warranty
Exponent Energy Takes EV Retrofit Business Beyond Bengaluru
Exponent Energy has completed 200 electric passenger three-wheeler retrofits in Bengaluru as it looks to accelerate the conversion of existing internal combustion engine-powered autorickshaws into EVs.
According to the company, these retrofitted vehicles have collectively travelled around 1.5 million kilometres and completed approximately 25,000 charging sessions.
The company also claims that it has captured about 20% of Bengaluru’s new electric passenger three-wheeler market, counting both new electric vehicles and retrofitted vehicles.
Exponent launched its retrofit offering, called Exponent Oto, in November 2025. Customer installations began in March 2026 after certification and regulatory approvals were completed. The company said it reached the 200-vehicle milestone within three to four months of starting customer installations.
200 Retrofits Mark the First Major Milestone
Bengaluru currently sees around 250 electric passenger three-wheelers added every month, according to Exponent Energy. This includes both new electric vehicles and retrofits from manufacturers such as Bajaj, Mahindra, TVS, and Montra.
Exponent says its retrofit business is currently adding around 50–60 vehicles every month.
The business is focused on an important segment of India’s commercial mobility market: existing autorickshaws that are still powered by petrol, LPG, or CNG.
Instead of asking drivers to purchase an entirely new electric three-wheeler, the retrofit model allows eligible older vehicles to be converted into electric vehicles.
Converting Older Petrol, LPG, and CNG Autorickshaws
Exponent’s retrofit technology is designed to bring older passenger three-wheelers into the electric ecosystem.
The company says vehicles manufactured as early as 2011 have already been retrofitted. This could be particularly relevant in Bengaluru, where Exponent estimates that there are nearly three lakh passenger three-wheelers.
The financial model is also designed around the cash-flow requirements of commercial drivers.
Drivers pay approximately ₹10,000 upfront, while the remaining battery and charging costs are structured through a monthly energy payment.
According to Exponent, LPG-powered drivers typically spend more than ₹15,000 per month, while its retrofit solution costs around ₹10,000–₹11,000 per month, depending on vehicle utilization.
The company estimates that drivers can save approximately ₹4,000–₹5,000 per month from the first month.
If the complete equipment cost is paid upfront, Exponent puts it at around ₹1.6 lakh. It also estimates maintenance savings of approximately ₹2,000 per month, mainly because an electric powertrain eliminates components such as the clutch and gearbox.
Exponent Oto Promises 15-Minute Charging
One of the key elements of Exponent’s retrofit offering is its battery and fast-charging technology.
The company’s retrofit vehicles are supported by its 15-minute charging network, which is designed around rapid charging rather than conventional overnight charging.
Exponent currently operates around 90 live charging stations in Bengaluru and plans to increase that number to approximately 100. The company says chargers are available at roughly three-kilometer intervals.
The retrofit vehicles can also be slow-charged outside Exponent’s network. However, the company says fewer than 5% of retrofit customers have purchased an additional slow charger.
According to Exponent, this is partly because many autorickshaw drivers do not have dedicated parking spaces or suitable home-charging facilities.
Exponent Oto: Key Claimed Specifications
| Feature | Exponent Oto |
|---|---|
| Vehicle type | Passenger three-wheelers |
| Target vehicles | Petrol, LPG, and CNG autorickshaws |
| Charging time | Up to 15 minutes |
| Claimed range | Up to 150 km in real-world conditions |
| Battery warranty | 2 lakh km |
| Conversion time | Around 24 hours |
| Upfront driver payment | Around ₹10,000 |
| Full equipment cost | Around ₹1.6 lakh |
The company says the conversion can be completed within approximately 24 hours, while its technology provides a claimed real-world range of up to 150 km and a five-year warranty under its stated offering.
Delhi, Chennai, and Hyderabad Next
With its Bengaluru operations gaining traction, Exponent Energy expands its EV Retrofit business into three major urban markets: Delhi-NCR, Chennai, and Hyderabad.
The company is currently finalizing dealership arrangements in these locations.
Exponent plans to establish dedicated retrofit centers through its local ecosystem of autorickshaw union leaders, resellers, and financiers.
Each retrofit centre is expected to require approximately 1,200 sq ft and have the capacity to process around 150 vehicles per month.
However, expansion will involve regulatory requirements. The exponent says every retrofit requires certification from the Automotive Research Association of India (ARAI), along with approval from the relevant state transport authority and certification for the retrofit centre.
The company currently has six stores and plans to add another three to four as it expands its footprint.
Why EV Retrofitting Could Matter for Autorickshaws
The retrofit strategy targets a different path to commercial electrification.
Instead of waiting for drivers to replace an existing vehicle with a new electric three-wheeler, retrofit technology attempts to extend the useful life of an existing vehicle while replacing its conventional powertrain.
This could potentially reduce the upfront replacement burden for drivers and accelerate the electrification of high-utilization commercial vehicles.
Exponent estimates that India’s top cities collectively have around 40 lakh three-wheelers. Even a small conversion rate would therefore represent a substantial potential market.
Exponent Energy Targets 40,000 Retrofits
The company has set an ambitious medium-term target.
Exponent wants to convert 1% of India’s estimated 40-lakh three-wheeler base, translating into approximately 40,000 vehicles over the next two years.
That target is significantly larger than the 200 vehicles currently retrofitted in Bengaluru, meaning the planned expansion across multiple cities will be central to the company’s scaling strategy.
Customer referrals are already playing a role in the company’s acquisition strategy. Exponent says referrals account for around 30–40% of its monthly customer pipeline.
Daily Payments Through Exponent One
Financing is another part of Exponent’s strategy to make EV retrofits accessible to commercial drivers.
Through its financing business, Exponent One, the company has introduced daily payment options.
Exponent says most drivers have opted for the daily payment plan and that it has recorded zero bounce rates so far, according to the company.
The model is designed to align vehicle-related payments more closely with the daily income cycle of commercial drivers.
The company also estimates monthly savings of around ₹5,360 for drivers under its stated financial model, although actual savings can vary depending on utilization, energy consumption, and operating conditions.
Exponent Will Not Become an EV Manufacturer
Despite expanding its retrofit operations, Exponent Energy says it does not intend to become an original equipment manufacturer (OEM).
Instead, the company plans to focus on its battery, charging, and mobility technology while continuing to work with vehicle manufacturers and other partners.
This positions the retrofit business as an extension of its energy and charging technology rather than a move into manufacturing complete electric vehicles.
What Comes Next for Exponent Energy?
The Bengaluru results provide the initial operating base for Exponent’s next phase of expansion. The company has demonstrated a 200-vehicle retrofit milestone, logged 1.5 million kilometers across its converted fleet and recorded 25,000 charging sessions, according to its own data.
The next challenge will be scaling the model across cities with different regulatory requirements, vehicle populations, charging needs, and local commercial-vehicle ecosystems.
Exponent Energy Expands its EV Retrofit business with a stated goal of reaching 40,000 converted three-wheelers within two years. Delhi-NCR, Chennai, and Hyderabad are expected to become the company’s next major markets as it builds dealership and retrofit-center networks.
If the company can replicate its Bengaluru operating model across these markets, the expansion could give EV retrofitting a larger role in India’s commercial three-wheeler electrification story.
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