EV Startup Oben Electric Raises Rs. 40 Cr; Deliveries Of Oben Rorr Begins In July

Oben Electric, a Bengaluru-based EV startup, has raised Rs. 40 crore in an extended pre-series A round, bringing their total Pre-Series A fundraise to Rs. 72 Crores (equity & debt). The brand has raised a total fund worth Rs. 88 crore since its inception.

The fund raised 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.

The funding round attracted notable 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.

Oben Electric recently opened its first experience center in HSR Layout, Bangalore and deliveries of its performance electric motorcycle “Oben Rorr” will commence from 1st week of July 2023. 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.

Oben Electric’s Oben Rorr electric motorcycle is backed by 21 patents and 95 per cent component-level localisation. It meets the latest Indian government regulations and safety standards for electric vehicles and batteries (AIS 156 amendment III phase II). 

The Oben Rorr boasts a 10 kW IPMSM motor developed in-house that accelerates the bike from 0-40 km/h in 3 seconds. This electric bike has a top speed of 100 km/h with a certified range of 187 km (IDC). Oben Rorr’s 4.4 kWh battery can be fully charged at home in around 120 minutes (2 hours).

It also boasts of a first-in-segment LFP (Lithium Ferrous Phosphorous) cell technology-based battery pack, designed and developed in-house, which provides two times (2x) longer battery life and 50 per cent higher heat resistance, making it the safest electric two-wheeler in India.

Madhumita Agrawal, Founder and CEO of 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,”

The company has a 360-degree R&D roadmap, including the development and testing of a prototype for their second product set to launch in 2024.