Oben Electric Raises USD 4 Mn In Pre-series A Round
Oben Electric, a Bengaluru-based electric motorcycle startup has raised USD four million as part of its Pre-Series A round of funding. It was led by US India EV Angels, followed by Dholakia Ventures and existing investor We Founder Circle.
“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 Madhumita Agrawal, Founder and CEO, Oben Electric.
The company has a healthy order book from India and export markets alike, for its first electric motorcycle RORR, comparable to a 150cc ICE motorcycle. Deliveries of the same are slated to begin from Q1, 2023. According to the company, RORR has been developed basis global benchmarks and is well-positioned to enter various international markets in the future.
“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,” said Dravya Dholakia, Dholakia Ventures.
With a ready product, orders at hand and deliveries around the corner, Oben Electric further intends to raise USD 50Mn through its upcoming Series A round, for further growth of the company.
"We were impressed by the product and its advanced battery technology, giving the company an edge over its competitors. Their hands-on experience can be seen in the design, safety, and robustness of the product. This makes Oben Electric, a tour de force in the EV industry," said Anirudh Pangarkar, US India EV Angels.
