Oben Electric Vehicles Pvt. Ltd., an electric two-wheeler startup based in Bengaluru, said on Tuesday that it has raised $4 mn in its pre-Series A round of fundraising.
Led by US India EV Angels, followed by Dholakia Ventures and existing investor We Founder Circle participated in the funding round, as per reported by BW Disrupt.
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,” said Ms. Madhumita Agrawal, Founder and CEO, Oben Electric.
Oben Electric, a startup founded in 2020, states that it designs, develops, and manufactures electric two-wheelers domestically. Dinkar Agrawal and Madhumita Agrawal founded the startup, which has its headquarters in Bengaluru.
Dravya Dholakia, 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.”
The company has previously raised approximately $2 million in a seed round from We Founder Circle (WFC), GVK Family Office, the managing director of Fortune 50 PE Fund, and CXOs of MNCs in December 2021.
Neeraj Tyagi, Founder & CEO, WFC said, “We are excited to participate again in the Pre-Series A round after the seed round, as RORR has received an overwhelming response from customers. Through this fundraising, Oben Electric will be able to start their deliveries from Q1, 2023.”
About Oben Electric
Oben EV is an electric vehicle company developing new electric 2-wheelers in-house with indigenously developed components to deliver high-quality products for the Indian market & founded by IIT Kharagpur & IIM Bangalore Alumni.