As part of its Pre-Series A round of funding, Bengaluru-based electric motorcycle start-up Oben Electric has raised USD 4 million. US India EV Angels LLC took the initiative, with Dholakia Ventures and an existing investor, We Founder Circle, following.
Official Statements
“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, of 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.”
Oben Rorr
The company has a sizable order book for its first electric motorcycle, RORR, which is comparable to a 150cc ICE motorcycle, from both domestic and international markets. The same is expected to start being delivered in Q1 2023. The company claims that RORR was created using international benchmarks and is in a good position to enter a variety of global markets in the future. An electric motorbike start-up with its headquarters in Bengaluru, Oben Electric was established in August 2020.
An organisation focused on research and development designs, develops, and manufactures electric motorcycles in-house, along with essential EV components. This is made possible by an amazing group of enthusiastic technologists who have a combined 25+ years of hands-on experience with electric two-wheelers and their parts, with an emphasis on “Design in India for the World.” It has a long list of firsts to its credit and is making a significant contribution to altering the Indian market for electric two-wheelers. It is leading the way in the nation in the use of cutting-edge battery chemistry like LFP in E2Ws, which is much safer, longer-lasting, and cleaner than other widely-used battery chemistries.