Oben Electric, a Bengaluru-based EV startup, has raised Rs 40 crore in an extended pre-series A round, bringing its total fundraise in this round to Rs 72 crore, including debt and equity.
The funding round attracted 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 brand has raised a total fund worth Rs 88 crore since inception which will support Oben Electric in increasing the production capacity to 100,000 units per year, and meet working capital requirements for distribution expansion.
Oben Electric recently opened its first experience center in HSR Layout, Bengaluru and deliveries of its performance electric motorcycle “Oben Rorr” will commence from the first week of July 2023. The EV startup has a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up its manufacturing capacity.
Madhumita Agrawal, Founder and CEO, 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 and will be used to meet our committed delivery timeline that is set for the first week of July.”
The company has a 360-degree R&D roadmap, including the development and testing of a prototype for their second product set to launch in 2024. The EV brand is also focusing on advanced battery technology to enhance performance, range, and lifespan, with the goal of further reducing charging time and minimising reliance on rare earth materials.