Oben Electric raises Rs 40 Cr in extended pre-Series A round

EV startup Oben Electric has raised Rs 40 crore in an extended pre-series A round, bringing their total pre-Series A fundraise to Rs 72 crore (equity and debt). 

The funding round saw participation from institutional investors like Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors including Mumbai Angels and other high-net-worth individuals (HNIs). Existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also participated.

The investment will support Oben Electric in increasing their production capacity to 100,000 units per year at their 3.5-acre manufacturing facility in Bengaluru and meet their working capital requirements for distribution expansion.

Launched in 2020 by Madhumita Agarwal and Dinkar Agarwal, Oben is an R&D-driven organization that designs, develops, and manufactures electric motorcycles and critical EV components in-house. 

Oben Electric offers a unique charging experience with its innovative technology, allowing customers to charge the Oben Rorr electric motorcycle at home in half the time compared to other electric two-wheelers in the market. 

The EV startup has a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up their manufacturing capacity.