Wednesday, November 29, 2023
HomeInsightFunding Alert EV startup Oben Electric Secures $4.8 mn Extended pre-Series A Funding

[Funding alert] EV startup Oben Electric Secures $4.8 mn Extended pre-Series A Funding

[Funding alert] EV startup Oben Electric Secures $4.8 mn Extended pre-Series A Funding

An expanded pre-series A round of $4.8 million (Rs 40 crore) was raised by Bengaluru-based EV company Oben Electric, increasing its total pre-series A fundraising (equity and debt) to INR 72 crore.

Institutional investors including Stride Ventures and the Indian Renewable Energy Development Agency (IREDA), as well as new investors like Mumbai Angels and other high-net-worth individuals (HNIs), participated in the investment round. In each investment round, the company’s current investors, including Kalvani Family Office, US India EV Angels, and We Founder Circle, also took part, proving their sustained support for Oben Electric, as per reported by ET Auto.

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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.”

With its headquarters in Bengaluru, the electric motorbike start-up Oben Electric was established in August 2020 by IIT and IIM graduates. An organisation focused on research and development designs, develops, and manufactures electric motorcycles in-house, along with essential EV components.

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On investment in 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.”

About Oben Electric

IIT and IIM alumni created Bengaluru-based electric motorcycle startup Oben Electric in August 2020. R&D-driven, it designs, develops, and builds electric motorcycles and key EV components. A remarkable team of enthusiastic technologists with 25+ years of hands-on experience in electric two-wheelers and their components focused on “Design in India for the World,” makes this possible.

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Its many firsts are transforming India’s electric two-wheeler market. LFP, a safer, longer, and cleaner battery chemistry, is being employed in E2Ws by it. 18+ patents cover its own technologies and EV components. Oben Electric is pioneering electric motorbike adoption in India and aims to become the largest electric motorcycle OEM internationally.

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