OBEN ELECTRIC RAISES USD 4 MILLION IN ITS PRE-SERIES A ROUND AHEAD OF DELIVERIES

•                     Oben Electric raises fresh funds of USD 4Mn ahead of the deliveries of its maiden electric motorcycle ‘RORR’

•                     Funds will be utilized to increase production capacity and fulfilling pre-orders obtained for RORR

•                     With a ready product, orders at hand and deliveries around the corner, Oben Electric plans to raise USD 50Mn through its Series A round, for further growth of the company

 

November 29, 2022, Bengaluru: Oben Electric, a Bengaluru-based electric motorcycle start-up has raised USD 4 Mn as part of its Pre-Series A round of funding. It was led by US India EV Angels LLC, 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 Ms. Madhumita Agrawal, Founder and CEO, Oben Electric.

Commenting on his current investment, Mr. Anirudh Pangarkar, US India EV Angels stated, “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.

 

Mr. Dravya Dholakia, Dholakia Ventures said, “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.”

 

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.

 

Mr. Bimal Kalvani, a lead investor in the current round added, “Oben’s first product RORR with its imminent commercial launch and sales, future product pipeline, and strategy are well suited for exponential growth across global markets.

 

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.

 

Previously, the company had raised over USD 2Mn in a seed round in December 2021 from We Founder Circle (WFC), GVK Family Office, MD of Fortune 50 PE Fund & CXOs of MNCs. The funding was seen as one of the largest seed rounds raised at the time by an electric two-wheeler OEM in the country.

 

Commenting on WFC’s participation in the Pre-Series-A Round, Mr. Neeraj Tyagi, Founder & CEO, WFC said, “We are excited to participate again in the Pre-Series A round after the seed round, as RORR has received an overwhelming response from customers. Through this fundraising, Oben Electric will be able to start their deliveries from Q1, 2023.

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Funds keeps flowing in for Oben Electric – raised additional $1 million in Seed Round

~ Seed round oversubscribed 3x times ~
~ Received a total funding of $ 2.5 million with current investment ~

National, January 24, 2022: Oben Electric, one of India’s most awaited 2-wheeler EV Startup has raised an additional $1 million in funding from Mr. Krishna Bhupal, Board Member GVK Power & Infra, Mr. Shajikumar Devakar, Executive Director IIFL Wealth & other investors. Having received $1.5 million in Dec 2021 led by We Founders Circle (WFC), the start-up has now been oversubscribed 3x times making it one of the largest seed rounds raised by an electric 2-wheeler startup.

Oben Electric will use the capital raised to expand their business capacity, setup a bigger manufacturing infrastructure, accelerate new product development, expand experience centres, and strengthen their distribution plans, as the foundation to create the platform for the coming period to create value for the business in the ecosystem.

Mr. Krishna Bhupal, said, “the EV ecosystem is at the cusp of the next revolution in automobiles and Oben Electric has the people, skills, technology and product to scale in what is potentially a global market making opportunity. As a philosophy being an angel or early-stage investor, we look for people and their capability to create pathbreaking businesses and Oben met the investment criteria of our office. The electric 2-wheeler growth in India is at a very early stage and ripe for disruption, with the GOI playing the role of a catalyst with tax breaks and other incentives. We believe the Oben Electric team has that edge in the business due to their deep IP and patent portfolio of 16 patents with a product that represents what the consumer needs in a 2-wheeler country like the rest of Asia.”

Elaborating on the funding, Mr. Dinkar Agrawal, Co-Founder, Oben Electric said, “We have raised a total of $2.5 million as a part of our Seed funding. Our products are a proud accomplishment of the Made in India story. The whole process, from designing to manufacturing is done inhouse with Oben’s engineering team and Indian components. We eagerly await the launch of our first product, which is right around the corner.”

The electric two-wheeler market in India is growing at an accelerated pace due to supportive government policies, the growing awareness toward the environment, increasing petrol prices, and stringent emission norms.

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