Bengaluru-based electric two-wheeler startup Oben Electric Vehicles Pvt. Ltd, on Tuesday announced that it has raised $4 million in its pre-Series A round of funding led by US India EV Angels LLC, followed by Dholakia Ventures and existing investor We Founder Circle.
The funds will be used to fulfil existing orders, ramp up production capacity and expand the distribution network, said Madhumita Agrawal, founder and chief executive, Oben Electric.
Founded in 2020, Oben Electric claims to be designing, developing and manufacturing electric two-wheelers indigenously. Based out of Bengaluru, the startup was set up by Dinkar Agrawal and Madhumita.
Oben Electric, however, is yet to start the deliveries of its electric motorcycle RORR, which it claims is comparable to a 150cc internal combustion engine (ICE) motorcycle. It also claims that it has a healthy order book from India and export markets for the bike. The company is expecting to begin the deliveries in the next quarter.
"We were impressed by the product and its advanced battery technology, giving the company an edge over its competitors. Their hands-on experience can be seen in the design, safety, and robustness of the product," said Anirudh Pangarkar, head, US India EV Angels.
Dravya Dholakia, founder of Dholakia Ventures said, “Oben RORR has an excellent design with a great riding experience and makes a strong value proposition for the customer in its segment. We believe that after ‘Make in India’, it’s now time for ‘Design in India for the World’ and Oben Electric is at the forefront.”
Prior to this round, the company had raised over $2 million in a seed round in December 2021 from We Founder Circle (WFC), GVK Family Office, the managing director of Fortune 50 PE Fund and CXOs of MNCs.
The company also 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, in January this year.
Oben Electric further intends to raise $50 million through its upcoming Series A round to fuel its further growth, the company said in a release.
In the electric vehicle space, Oben Electric competes against the likes of Ola Electric, Ultraviolette Automotive, Ather Energy, Simple Energy, and Okinawa Autotech, among others.
