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Bengaluru, September 22, 2026 – Exponent Energy has completed a four-month pilot converting 200 internal-combustion auto-rickshaws to its electric drivetrain platform in Bengaluru, giving India’s retrofitting movement a concrete data-driven milestone. During the trial, the converted vehicles covered more than 1.5 million kilometers and used over 25,000 rapid-charging sessions, and the company says it captured a 20% share of the city’s electric three-wheeler market.
The Bengaluru project is built around Exponent OTO, a three-wheeler mobility platform that combines battery cells, powertrain components, and vehicle software in a single package. It can convert an existing diesel or petrol auto-rickshaw in roughly 24 hours, minimizing the downtime that is costly for a commercial driver. For newer vehicles, Exponent is also working with OEMs to integrate OTO into freshly manufactured electric 3-wheelers.
That speed is only half the story. The OTO kit charges from 0 to 100% in 15 minutes using Exponent’s own fast-charging hardware, and it offers a real-world range of 140–150 kilometers per charge. The battery is covered by a five-year warranty and designed for 3,000 cycles—an important specification for operators who run multiple shifts a day and need predictable battery life.
Ayush Bhargava, Head of Business at Exponent Energy, said the milestone demonstrates that electrifying existing vehicles is a viable path, not just a theoretical one. “These 200 retrofits show there is a real opportunity to electrify vehicles already on the road,” he said. Drivers can move to an EV while keeping the same vehicle, service center relationships, and daily routine—a major advantage in a market where many auto-rickshaw owners are sole proprietors.
Bhargava also pointed to the kilometers logged as evidence that the conversion can handle real-world conditions. With each kilometer covered by a retrofitted auto, he said, the company gains more confidence that the model works outside controlled test environments.
Why retrofitting matters now
India’s existing commercial vehicle fleet is nearly ten times the size of its annual new-vehicle market. For most owners, replacing a serviceable vehicle with a new EV is a major financial leap, and the environmental cost of manufacturing a new chassis can offset the gains from electric operation for years. Retrofitting preserves the frame and body, reduces the need for new manufacturing, and keeps the driver’s existing maintenance ecosystem intact.
Three-wheelers are especially good candidates for this approach. They are used intensively, often for 8–10 hours a day, and they are central to urban logistics and passenger transport in cities like Bengaluru. A conversion that takes just one day and can be paired with 15-minute charging allows drivers to keep their vehicles productive without requiring them to wait for natural fleet turnover.
Exponent ONE lowers the financing hurdle
The cost of any EV conversion remains a challenge for many drivers. Exponent ONE, the company’s financing platform, is designed to bridge that gap by providing loans for the OTO retrofit kit. By lowering the initial capital required, it makes the electric transition more accessible to commercial three-wheeler drivers, who may not have the credit history to buy a new EV outright.
The financing arm is part of a broader attempt to make retrofitting an economically rational choice. A driver can convert the vehicle they own, avoid a large down payment, and recover costs through reduced fuel and maintenance spending. The company believes this combination—fast conversion, fast charging, and accessible financing—can speed up commercial electrification beyond new EV sales.
What the US market can learn
There is also a takeaway for US fleets. American companies experimenting with fleet electrification have focused mostly on buying new vans and trucks, but a shortage of new electric chassis and a long commissioning pipeline have pushed some operators to explore conversions. The Bengaluru program shows that standardized retrofit kits, supported by integrated software and trained installation networks, can be deployed in a day rather than the weeks sometimes cited in North American aftermarket conversions.
For last-mile delivery fleets and shuttle operators in the United States, the idea of converting an existing, serviceable vehicle into an EV could offer lower upfront costs and a shorter path to emissions reduction. The key is whether conversion companies in the US can match Exponent’s combination of speed, warranty, and charging-network support.
Exponent’s footprint and backing
The Bengaluru milestone is part of a larger rollout. Since 2020, Exponent has powered more than 3,500 EVs, opened more than 200 charging stations, and recorded over 2 million rapid-charging sessions. Its vehicles have driven more than 100 million kilometers in total across India.
Exponent says the OTO platform is interoperable with standard public and home charging points, so drivers are not locked into the company’s own chargers. That flexibility is important for a commercial vehicle that may end up outside Bengaluru’s core network at the end of a shift.
The company’s investor list includes Lightspeed, Eight Roads Ventures, TDK Ventures, 360 One, Hitachi Ventures, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Dr. Pawan Munjal, Chairman and CEO of Hero MotoCorp. Total funding to date is $65.7 million across Pre-Series A, Series A and Series B rounds.
Looking ahead, Exponent has said it intends to expand its retrofit offering to other major Indian cities. The Bengaluru experiment provides the kind of evidence that fleet operators and policymakers have been waiting for—that retrofits are more than a niche alternative. If the model scales, it could have a meaningful impact on India’s emissions and energy security, and it could offer a template for other countries with a large stock of vehicles still on the road.
