The electric two-wheeler segment might have traditionally been seen as male-dominated, things are changing. Madhumita Agrawal, Founder & CEO, Oben Electric, speaks about her varied experiences in the sector even as her startup recently raised $4 million as part of its Pre-Series A round of funding.
How did you get started with Oben Electric?
By the time I established Oben Electric in 2020, I had already garnered more than five years of rich experience in the electric vehicle segment while consulting with international organisations on technology and R&D. At the same time, the global EV industry was also gaining momentum. I was fascinated and intrigued by EVs and the technology that was behind making them. And that was an opportunity for me. With my knowledge and experience, I was able to found Oben Electric.
What sets the Oben Rorr e-motorcycle apart from its competitors?
We are providing a solution that will seamlessly help the transition from ICE to EVs. We are offering products that are not just designed for fellow citizens but also changing the refuelling experience through fast charging options, setting benchmarks while maintaining price competitiveness. Rorr has been designed to meet the plain commuting needs of the 150cc motorcycle segment. We are glad it has set new standards in the industry with a 200 km range (IDC), 2-hour charging time, acceleration of 0-40kmph in just 3 seconds, and a top speed of 100kmph.
We have pioneered the use of advanced battery chemistry-LFP which is meant truly for the tropical climates of our country. LFPs can easily withstand 30% higher temperatures, hence putting our consumer’s safety on top. It has 18 patents for its components along with proprietary technology such as MHX technology and ARX Frame. We are completely designing, developing, and manufacturing in India, keeping the Indian consumers, the environment, and the infrastructure in mind.
Why do you think e-mobility is gaining so much traction now? What do you think is next for the market?
E-mobility has gained a lot of traction recently. Steadily rising fuel prices have driven customers to opt for EVs. An ICE vehicle’s increasing costs due to new emission norms and raw materials have resulted in an upfront cost parity today. There has been strong support extended from the government as well in forming the right structure for the Indian EV market and customers.
So, it has been rightly stated that the EV industry is bustling with activity. It will continue to tread on a firmer path with newer advancements. Rigorous research is already being undertaken across world-class facilities and R&D labs, which are set to offer better battery chemistry. These are expected to be cheaper, denser, lighter, and more powerful. Advanced chemistry means better, faster, sturdier, safe, and uniquely designed products. So, globally the acceptance and transition to EVs will be massive.
Did you receive any external help to get you started and grow your business?
Our business was completely bootstrapped till the time we raised our seed fund. We had initially pooled our own funds. Once the functional prototype was tested vigorously by investors, we raised over $2 million in a seed round in November 2021. We recently secured $4 million as part of our pre-series round of funding. We are now heading towards our next milestone in our ongoing EV journey, whilst moving towards meeting the larger vision. These funds will be used to fulfil existing orders, ramp up production capacity, and expand our distribution network.
If any, what challenges have you experienced as a woman in business during your overall career?
Challenges exist everywhere and are not biased toward gender. If you know your domain well, gender should not matter. And if you do not know your subject matter, you will be pulled down no matter who you are. There were biases initially and questions such as: Will she be able to deliver?; Will she be able to run this business?; Will she be able to understand manufacturing?
As a woman, I had a distinct perspective due to my knowledge while being a subject expert. And the moment a woman starts making sense, she is just another guy in the room. I learnt that if we could add value to a discussion, we could be indispensable to any business sector. Saying “I am a woman”, won’t help.
While we scream out aloud for equality, we should also make ourselves capable enough to be answerable in boardrooms. Even today, if at any point, I find biases at my workplace, I continue to work and prove them wrong by just being a normal professional and not bringing up the fact that I am a woman. I want people around me to know me as a thorough professional and an industry stalwart. I know my subject, and my business well, and I can stand tall with my knowledge – that’s the approach. It’s all about being confident and building upon that confidence boldly. Bold people make statements.
What have been some make-or-break moments in your career? Important client meetings, presentations, procurement pitches, etc?
In the initial stages of our EV journey, we bootstrapped the company and built a product in-house. At one point in time in October 2021, we were wondering how we would pay salaries to the team. But our strong belief in our product helped us sail through and raise our first seed fund. After vigorous test rides, our investors were surprised to see the vehicle from a functional standpoint. They saw that we could deliver and soon invested in us. That was November 2021.
Why is gender balance and having a more diverse workforce important, especially in senior management teams?
Having a diverse workforce is beneficial in many ways not just across the organisation but also across management teams. A varied workforce helps in bringing distinct perspectives and take better decisions.
Would you agree that founding teams with at least one woman appear less likely to get follow-on funding?
No, I do not agree. Funding is not based on whether a founder is a woman or a man, but on the founder and their capabilities.
Investors, bankers, angels, entrepreneurs, and others are major sources of introductions and advice for VCs. If female founders are not well connected to these networks or are unable to traverse them successfully, then fewer will be able to reach a VC. Is it true?
Whether it is about raising funds, generating sales, or building a business- everything requires connections and a network. So as a founder or a businessperson, networking is key and so is building a strong relationship with people. Every founder needs to build a network by meeting people. However, there is an inherent limitation for women in choosing the opportunities available to build a network.
What are your expansion plans for 2023 and beyond?
In 2023, we will be expanding to nine cities across India, and then to Tier 2 cities by end of FY 2023, along with global expansion. We are also committed to having one million happy customers in the next five years.
Watch Video | Oben Rorr First Ride Review
