Oben Electric Raises Rs 40 Cr In Fresh Funding
Oben Electric, an EV startup, has raised $4.8 million (Rs 40 crore) in an extended pre-Series A funding round from a host of investors, including Stride Ventures and Indian Renewable Energy Development Agency (IREDA), Mumbai Angels and existing investors- We Founders Circle, US India EV Angels and Kalvani Family Office.
As per the startup, the freshly raised funds will be used to start the deliveries of their electric bike, fulfill the existing order book, increase production capacity and improve the distribution network.
Oben Electric | Rorr e-Motorcycle
Founded by Sagar Thakkar, Dinkar Agrawal and Madhumita Agrawal in 2020, Oben Electric claims to be an R&D-driven EV startup designing, developing, and manufacturing electric motorcycles in-house along with critical EV components.
Its maiden product-Oben Rorr e-motorcycle is claimed to be designed completely in-house, including development and backed by 21 patents and 95 percent component-level localisation.
Speaking about the development, Madhumita Agrawal, Founder and CEO of Oben Electric, said,
“The additional infusion of funds was raised after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr. The funds will be used to meet our committed delivery timeline that is set for the first week of July.”
Recently, the EV startup opened its first experience center in HSR Layout, Bengaluru. The deliveries of its electric motorcycle ‘Oben Rorr’ is expected to commence from the first week of July.
The firm claims to have already established a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up its manufacturing capacity.
Commenting on the development, Nandini Mansinghka, CEO at Mumbai Angels, said
“EV has emerged as one of the hottest sectors in the startup ecosystem. With this funding round, Oben moves one step further into becoming one of the brightest trailblazers in the space in India.”
The startup has cumulatively raised $8.8 million (Rs 72 crore) in its pre-Series A funding round. Last year, in November 2022, the EV startup raised $4 million in its pre-Series A round.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.