New Delhi, Nov. 7 -- Battery-tech startup Exponent Energy plans to invest about $40 million over the next two years to scale and expand manufacturing for its newly-launched retrofit product that converts CNG and LPG autorickshaws into battery-electric vehicles, chief executive Arun Vinayak said.

The company also plans a sizeable equity raise next year to fund the rollout, added Vinayak without sharing the targeted size of the funding.

Branded 'Exponent Oto', the kit converts an autorickshaw to an electric vehicle (EV) in roughly 24 hours and enables 0-100% charging in about 15 minutes on Exponent's city network.

The company is targeting India's large in-service auto base, allowing vehicle owners to switch to an EV and trim operating ex...