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EV startup Oben Electric gets funds from IIFL’s Shajikumar Devakar, others

EV startup Oben Electric gets funds from IIFL’s Shajikumar Devakar, others
Credit: 123RF.com

Electric vehicle platform Oben Electric, operated by Oben Electric Vehicles Pvt Ltd, said it has raised $1 million (around Rs 7 crore) from Krishna Bhupal, Board Member of GVK Power & Infra and Shajikumar Devakar, Executive Director IIFL Wealth, along with other investors.

The company said it will deploy the fresh capital to expand its business capacity, set up a manufacturing unit, boost product portfolio, expand experience centres and strengthen its distribution plans. 

Oben raised $1.5 million (around Rs 11 crore) in December 2021 in a funding round led by We Founders Circle (WFC).

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Founded in 2020 by  IIT Kharagpur and IIM Bangalore alumnus Dinkar Agarwal and Madhumita Agarwal, the startup is all set to launch its first product - the performance electric bike - in March. It also plans to launch four new indigenous products in various segments.

“We have raised a total of $2.5 million as a part of our seed funding. Our products are a proud accomplishment of the Made in India story.  

The whole process, from designing to manufacturing is done in-house with Oben’s engineering team and Indian components. We eagerly await the launch of our first product, which is right around the corner," said Dinkar Agarwal, Co-Founder, Oben Electric. 

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Oben claims that its first made-in-India electric bike runs for 200 km on a single charge, clocking a top speed of 100 km per hour. It also added to have achieved over 16 patented innovations ranging across improving product performance, customer experience, and data analytics.

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