An extended pre-Series A round of funding for EV startup Oben Electric raised an additional Rs 40 crore, bringing their total pre-Series A fundraising (equity and debt) to Rs 72 crore.
Institutional investors like Stride Ventures and the Indian Renewable Energy Development Agency (IREDA) participated in the funding round, along with new investors like Mumbai Angels and other high-net-worth individuals (HNIs). Participating investors already in the market included Kalvani Family Office, US India EV Angels, and We Founder Circle.
The investment will enable Oben Electric to expand its production capacity at its 3.5-acre manufacturing facility in Bengaluru to 100,000 units annually and will cover its working capital needs for distribution expansion.
Oben is an R&D-driven company that designs, develops, and produces electric motorcycles and essential EV components in-house. Madhumita Agarwal and Dinkar Agarwal founded it in 2020.
Customers can charge the Oben Rorr electric motorcycle at home in half the time compared to other electric two-wheelers on the market thanks to Oben Electric’s cutting-edge technology, providing a distinctive charging experience.
The EV startup has a distribution network in important Indian cities, and by expanding its manufacturing capability, they hope to satisfy the demand of 21,000 preorders.
