Exponent ONE, Montra Electric launch pay-per-km EV plan

Exponent ONE, an electric vehicle (EV) financing platform for commercial vehicles, has partnered with Montra Electric and Exponent Energy to launch ONE Pass, an Energy-as-a-Service (EaaS) offering for Montra Electric’s three-wheelers. The offering combines usage-based battery and charging payments with a lifetime battery warranty under a single per-kilometre rate.

The model aims to address the high upfront costs and fixed monthly instalments that can hinder commercial EV adoption. By linking energy expenses to vehicle usage, ONE Pass seeks to reduce the initial financial burden on driver-owners and provide greater flexibility in managing operating costs.

Under the offering, driver-owners can purchase a Montra Electric Super Cargo eQx or eQXd+ with a down payment of ₹39,999 and a monthly EMI of ₹12,099 over 48 months. Battery usage and charging are priced at ₹3.20 per kilometre, billed daily and capped at ₹12,000 per month.

The package includes access to Exponent Energy’s 15-minute rapid-charging network, with the per-kilometre energy rate fixed for four years to protect users from energy cost increases during that period. A lifetime battery warranty is also included to provide additional assurance over battery life.

Exponent Energy will provide the battery technology and rapid-charging infrastructure, while ONE Pass integrates financing and usage-based energy payments into a single offering. The partnership aims to make electric three-wheelers more financially accessible to commercial operators by reducing upfront costs and offering greater predictability in energy expenses.

Sandeep Divakaran, Co-founder & CEO, Exponent ONE, said, “The upfront cost of an electric three-wheeler can be around 25%-30% higher because of the battery, often resulting in a higher down payment and fixed EMI than a comparable CNG vehicle. We believe energy should be an operating expense, not a large upfront capital cost. With ONE Pass, driver-owners pay for energy the way they already think about fuel: by the kilometre. This can bring electric three-wheelers within reach of drivers who can afford a CNG vehicle today, while making their energy costs variable with usage.”

For Montra Electric, the partnership integrates its vehicle portfolio with an energy and ownership model designed to meet the needs of commercial operators.

Deependra Sharma, CEO, e-3W, Montra Electric (TI Clean Mobility), said, “We are happy to partner with Exponent One and Exponent Energy. By bringing ONE Pass to our customers, we aim to facilitate them to run their vehicles over longer operating cycles, and make every rupee count. The Montra Electric Super Cargo is built to keep up with them, from the first morning delivery to the last trip home. Montra Electric vehicles paired with ONE Pass, gives customers a vehicle with a lower entry price, predictable operating costs and the confidence of a lifetime battery warranty. This is more than a new vehicle offering. It is a revolutionary initiative that makes sustainability accessible to everyone, from the driver who is ready to go electric to the fleet that is building its future. With the current volatility in global energy costs, electric mobility is gaining ground.”

Arun Vinayak, Founder and CEO of Exponent Energy, said commercial vehicles require energy systems tailored to their daily operations. He added that the company’s battery technology and 15-minute rapid-charging infrastructure are designed to support high vehicle utilisation, while ONE Pass makes the offering more accessible through lower upfront costs and flexible, pay-as-you-go energy payments.

ONE Pass forms part of Exponent ONE’s broader strategy to develop commercial EV financing models that reflect driver-owners’ working patterns and earnings. Through the partnership, the companies aim to accelerate commercial electrification by integrating vehicles, energy technology and flexible financing.

Exponent ONE is a fintech and asset management company focused on making financing for commercial electric vehicles in India more accessible and reliable. As a subsidiary of Exponent Energy, it uses real-time vehicle and energy data to support adaptive credit assessments and earnings-linked financing solutions tailored to the needs of driver-owners and small fleet operators.

Founded in 2020, Bengaluru-based Exponent Energy is a full-stack energy solutions provider focused on enabling safe, rapid charging for commercial electric vehicles. Its proprietary technology integrates the battery pack, pump and connector to enable a full charge from 0% to 100% in 15 minutes.

Montra Electric, operated by TI Clean Mobility Private, is a clean mobility brand under the Murugappa Group, one of India’s oldest business conglomerates, with a history spanning 125 years.