Two-wheeler EV maker Oben Electric secures another $5Mn in pre-Series A round
Bengaluru-based EV startup Oben Electric has raised a total of ₹40 crore in an extended pre-Series A funding round, as it aims to position itself as a key player in the Indian EV market, driving sustainable transportation solutions, and capitalizing on the growing demand for eco-friendly mobility options. The newest round of funding brings the total amount of capital raised in its pre-Series A to ₹72 crore (including both equity and debt).
In its press release, the EV startup revealed that the proceeds from the funding round will be deployed towards kickstarting deliveries of Rorr – its newly-launched first electric bike, as well as fulfill its existing orderbook. Funds will also be deployed towards increasing its production capacity to 100,000 units annually at its manufacturing facility in Bengaluru, and enhancing its distribution network. This increased production capability will also contribute to meeting the rising demand for EVs and help accelerate the transition towards electric mobility. Furthermore, by expanding their reach to more cities and regions, the company can make electric vehicles more readily available to consumers.
The pre-Series A funding round also brings the total amount of funding raised since its launch to ₹88 crore, and included the participation of well-known Institutional investors like Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors including Mumbai Angels and other high-net-worth individuals (HNIs). The other participants of the fundraising round include Oben Electric’s sxisting investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle.
The newly released electric bike has garnered significant attention ever since Oben Electric recently opened its first experience center in HSR Layout, Bengaluru. By utilizing the raised capital, Oben Electric intends to kickstart deliveries of the Rorr bike to fulfill customer orders and capitalize on the growing interest in sustainable mobility solutions. The EV startup informed that it intends to begin the deliveries of the electric bike from the first week of next month (that is, from next week, so it’s pretty much round the corner).
“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. We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline that is set for the Ist Week of July,” said Madhumita Agrawal, founder and CEO, Oben Electric.
Oben Electric has carved a niche for itself in the steadily-growing Indian EV sector ever since it was founded in August 2020. It is known to manufacture electric motorcycles and critical EV components in-house, and by combining its innovative design and a commitment to sustainability, the startup (like several other EV firms) is well-positioned to make a significant impact in the rapidly evolving electric mobility sector in the country. As the demand for eco-friendly transportation solutions continues to grow, the company’s focus on producing high-quality EVs and expanding its distribution network will play a vital role in achieving its long-term success.
