Exponent ONE, an electric vehicle financing platform for commercial vehicles, has launched ONE Pass, an Energy-as-a-Service (EaaS) plan for Montra Electric three-wheelers in partnership with Montra Electric and Exponent Energy. The plan uses a pay-per-kilometre model that combines battery usage and charging costs under a single rate.
Under ONE Pass, 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 for 48 months. Battery usage and charging are charged at ₹3.20 per kilometre, billed daily and capped at ₹12,000 per month. The per-kilometre energy rate remains fixed for four years, and the plan includes a lifetime battery warranty.
The offering is designed to reduce the upfront cost of owning an electric three-wheeler by separating battery and charging expenses from the vehicle financing cost. Payments for energy vary with vehicle usage, rather than requiring drivers to bear the full battery cost upfront. Users also get access to Exponent Energy’s 15-minute rapid-charging network.
Why Electric Three-Wheelers Cost More Upfront
Sandeep Divakaran, co-founder and CEO of Exponent ONE, said the cost of an electric three-wheeler can be 25%–30% higher upfront than a comparable vehicle because of the battery. He said ONE Pass is intended to reduce the initial financial burden by making energy costs usage-based instead of adding them to the upfront vehicle cost.
Montra Electric and Exponent Energy on the ONE Pass Partnership
Deependra Sharma, CEO of e-3W at Montra Electric (TI Clean Mobility), said the partnership combines the company’s vehicles with a financing and energy model intended to lower entry costs and provide greater predictability in operating expenses.
Arun Vinayak, founder and CEO of Exponent Energy, said the company’s battery technology and rapid-charging infrastructure are designed for commercial vehicles with high daily utilisation. ONE Pass extends access to this charging ecosystem through a pay-per-use energy package.
Who Does What Under ONE Pass
Exponent Energy provides the battery technology and charging infrastructure, while Exponent ONE structures the financing and usage-based energy payments. Montra Electric supplies the vehicles.
The launch is part of Exponent ONE’s broader strategy to develop financing models for commercial electric vehicles based on the earnings and operating patterns of driver-owners and small fleet operators.