Oben Electric Raises INR 40 Crore In Extended Pre-Series A Funding The fund will be used to kickstart deliveries of the newly launched first electric bike by the brand- Rorr, and fulfill the existing orderbook, increase production capacity and enhance distribution network
By Teena Jose
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Oben Electric, a Bengaluru-based EV startup, has raised INR 40 crore in an extended pre-Series A round, bringing their total Pre-Series A fundraise to INR 72. The brand has raised a total fund worth of INR 88 crore since inception which, according to the company, will support in increasing their production capacity to 100,000 units per year at their 3.5-acre manufacturing facility in Bengaluru and meet their working capital requirements for distribution expansion. It also said that the fund will be used to kickstart deliveries of the newly launched first electric bike by the brand- Rorr, and fulfill the existing orderbook, increase production capacity and enhance distribution network.
The funding round also saw participation from 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). Existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also participated, demonstrating their continued support for Oben Electric in each funding round
"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 1st Week of July," said Madhumita Agrawal, founder and CEO, Oben Electric.
Oben Electric, founded in August 2020 and headquartered in Bengaluru, is an R&D-driven organization that designs, develops, and manufactures electric motorcycles and critical EV components in-house. The company claims that its vision is to revolutionize the industry by providing cutting-edge electric mobility solutions that cater to the diverse needs of riders.
"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. We congratulate the dynamic team at Oben and hope they continue setting new benchmarks while helping the world ride towards a greener tomorrow," said Nandini Mansinghka, CEO, Mumbai Angels.
