Oben Electric raises $4 Million in its pre-series a round ahead of deliveries  | The Financial Express

Oben Electric raises Rs. 32 crores in its pre-series round of funding

Oben Electric further intends to raise $50 Million through its upcoming Series A round, for further growth of the company.

Oben Electric raises Rs. 32 crores in its pre-series round of funding

Oben Electric, a Bengaluru-based electric motorcycle startup has raised Rs. 32 crores ($4 Million) as part of its Pre-Series A round of funding. 

The company claims to have a healthy order book from India and export markets alike, for its first electric motorcycle Rorr, comparable to a 150cc ICE motorcycle. 

Deliveries of the same are slated to begin from Q1, 2023. According to the company, Rorr has developed basic global benchmarks and is well-positioned to enter various international markets in the future. 

Oben Electric further intends to raise $50 Million through its upcoming Series A round, for further growth of the company. 

Madhumita Agrawal, Founder and CEO, Oben Electric said, “We are happy to share that 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,” 

Anirudh Pangarkar, US India EV Angels stated, “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. This makes Oben Electric, a tour de force in the EV industry.” 

Previously, the company had raised over $ 2 Million in a seed round in December 2021 from  We Founder Circle (WFC), GVK Family Office, MD of Fortune 50 PE Fund & CXOs of MNCs.  The funding was seen as one of the largest seed rounds raised at the time by an electric two-wheeler OEM in the country. 

Oben Electric also holds 18+ patents for its proprietary technology and EV  components. With insignificant competition today, the company intends to become the largest electric motorcycle OEM globally. 

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First published on: 29-11-2022 at 04:32:25 pm
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