I wish to implement a HttpRequestRetryHandler for a HttpClient in case the request fails first time.
I also wish to implement Exponential backoff for subsequent retries. Mathematically it can be implemented as

but I am struggling for quite some time now to implement it in the code
with HttpRequestRetryHandler.
HttpRequestRetryHandler doesn’t allow you that level of control; if you want to do something very specific like that, I’d recommend implementing something like a Handler where you can post Runnables to be executed with a delay, using for example Handler.postDelayed() with increasing delays as per your formula.