Raised Total Pre-Series A funding of INR 72 Crores
· The round saw participation from Stride Ventures and Indian Renewable Energy Development Agency (IREDA), Mumbai Angels (an IIFL Company) and existing investors We Founders Circle, Kalvani Family Office & US India EV Angels.
· 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.
· Deliveries shall Start in Bangalore from 1st Week of July 2023
Bengaluru, 28th June 2023: Oben Electric, a Bengaluru-based EV startup, has successfully raised INR 40 Crores in an extended pre-series A round, bringing their total Pre-Series A fundraise to INR 72 Crores (equity & debt). The brand has raised a total fund worth of INR 88 Crores since inception which will support Oben Electric 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.
The funding round attracted notable 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.
Oben Electric recently opened its first experience center in HSR Layout, Bangalore and deliveries of its performance electric motorcycle “Oben Rorr” will commence from 1st 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 their manufacturing capacity.
Oben Electric’s Oben Rorr electric motorcycle stands out with its in-house design, development, and localization efforts, backed by 21 patents and 95% component-level localization. It proudly meets the latest Indian government regulations and safety standards for electric vehicles and batteries (AIS 156 amendment III phase II). The Oben Rorr achieves exceptional performance, boasting a 10 kW IPMSM motor developed in-house that enables impressive acceleration (0-40 kmph in 3 seconds) and a top speed of 100 kmph. It also sets a benchmark with a certified range of 187 km (IDC), the highest among electric two-wheelers in India. It also boasts of a first-in-segment LFP (Lithium Ferrous Phosphorous) cell technology-based battery pack, designed and developed in-house, which provides two times (2x) longer battery life and 50% higher heat resistance, making it the safest electric two-wheeler in India.
Madhumita Agrawal, Founder and CEO, Oben Electric, expressed her excitement about the latest funding round, stating, “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 Ist Week of July.”
On investment in high-growth startup like Oben EV Nandini Mansinghka, CEO, Mumbai Angels, affirmed “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.”
Oben Electric offers a unique charging experience with its innovative technology, allowing customers to charge the Oben Rorr electric motorcycle at home in half the time compared to other electric two-wheelers in 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). 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 minimizing reliance on rare earth materials.