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Oben Electric, a Bengaluru-based EV startup, has raised Rs 40 crore in an extended pre-series A round, bringing the total pre-series A fundraise to Rs 72 crore. which includes both equity and debt.
Since its inception, the EV maker has raised Rs 88 crore to expand the production capacity at its 3.5-acre facility in Bengaluru to 100,000 units annually and for distribution expansion, according to the company.
The round saw participation from institutional investors such as 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, including Kalvani Family Office, US India EV Angels, and We Founder Circle also participated.
Oben recently opened its first experience centre in HSR Layout, Bengaluru, and the deliveries of its performance electric motorcycle will commence in the first week of July 2023. The EV startup has a distribution network in major cities and plans to meet the 21,000 preorders by scaling up its manufacturing capacity.
“The additional infusion of funds was raised after meticulously planning the delivery dates and meeting the existing and future customer demand for 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 first week of July,” said Madhumita Agrawal, Founder and CEO, Oben Electric.
The EV company says it offers a unique charging experience, allowing customers to charge the electric motorcycle at home in half the time compared to other electric two-wheelers on the market. “While typical home-based charging takes around 83 minutes per kilowatt-hour (kWh), the Oben Rorr’s 4.4 kWh battery can be fully charged at home in just 120 minutes (2 hours).”
Furthermore, it is developing and testing a prototype for its 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.
“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.
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