Homegrown EV Brand Oben Electric Raises INR 40 Cr in Extended Pre-Series A Round. To begin Deliveries of Oben Rorr from 1st week of July 2023
Raised Total Pre-Series A funding of INR 72 Crores
- The round saw participation from Stride Ventures and Indian Renewable Energy Development Agency (IREDA), Mumbai Angels (an IIFL Company), and existing investors We Founders Circle, Kalvani Family Office & US India EV Angels.
- The fund will be used to kickstart deliveries of the newly-launched electric bike by the brand- Rorr, fulfill the existing order book, increase production capacity, and enhance the distribution network.
- Deliveries shall Start in Bangalore from 1st Week of July 2023
Expanding Horizons: Oben Electric's Funding Boost for Growth
Bengaluru, 27 June 2023: Oben Electric, a Bengaluru-based EV startup, has successfully raised INR 40 Crores in an extended pre-series A round, bringing their total Pre-Series A fundraising to INR 72 Crores (equity & debt). The brand has raised a total fund worth INR 88 Crores since inception which 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, demonstrating their continued support for Oben Electric in each funding round.
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 its manufacturing capacity.
Oben Electric’s Oben Rorr electric motorcycle stands out with its in-house design, development, and localisation efforts, backed by 21 patents and 95% component-level localisation. It proudly meets the latest Indian government regulations and safety standards for electric vehicles and batteries (AIS 156 amendment III phase II). The Oben Rorr achieves exceptional performance, boasting a 10 kW IPMSM motor developed in-house that enables impressive acceleration (0-40 km/h in 3 seconds) and a top speed of 100 km/h. It also sets a benchmark with a certified range of 187 km (IDC), the highest among electric two-wheelers in India. 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% higher heat resistance, making it the safest electric two-wheeler in India.
Madhumita Agrawal, Founder and CEO, 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. We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline that is set for the First Week of July.”
On investment in high-growth startups like Oben EV Nandini Mansinghka, CEO of Mumbai Angels, affirmed “EV has emerged as one of the hottest sectors in the startup ecosystem. With this funding round, Oben moves one step further into becoming one of the brightest trailblazers in the space in India. We congratulate the dynamic team at Oben and hope they continue setting new benchmarks while helping the world ride towards a greener tomorrow.”
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. While typical home-based charging takes around 83 minutes per kilowatt-hour (kWh), the Oben Rorr’s 4.4 kWh battery can be fully charged at home in just 120 minutes (2 hours). The company has a 360-degree R&D roadmap, including the development and testing of a prototype for its second product set to launch in 2024. The EV brand is also focusing on advanced battery technology to enhance performance, range, and lifespan, with the goal of further reducing charging time and minimising reliance on rare earth materials.
About Oben Electric:
Oben Electric, founded in August 2020 and headquartered in Bengaluru, is an R&D-driven organisation that designs, develops, and manufactures electric motorcycles and critical EV components in-house. With a team of passionate technologists with over 25 years of collective hands-on experience in the electric two-wheeler industry, Oben Electric focuses on “Design in India for the World."
The company has been at the forefront of transforming the electric two-wheeler landscape in India, introducing several groundbreaking initiatives. Oben Electric pioneers the use of advanced battery chemistry, such as LFP, in electric two-wheelers, offering enhanced safety, longer range, and cleaner operation compared to other widely used battery chemistries. Additionally, the company holds more than 21 patents for its proprietary technology and EV components.
As an early entrant in the electric motorcycle market, Oben Electric is leading the adoption of electric motorcycles in India, which happens to be the world’s largest motorcycle market. With limited competition at present, the company aims to become the largest electric motorcycle OEM globally. Their vision is to revolutionise the industry by providing cutting-edge electric mobility solutions that cater to the diverse needs of riders.