Oben Electric raises $4 million in its pre-series funding round

• ByStartupStory     |    December 1, 2022

 Oben Electric, an electric motorcycle startup based in Bengaluru, has raised USD 4 million in its Pre-Series A round of funding. US India EV Angels LLC took the initiative, with Dholakia Ventures and an existing investor, We Founder Circle, following.

“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 fulfill existing orders, ramp up production capacity, and expand our distribution network,” Ms. Madhumita Agrawal, Founder, and CEO of Oben Electric stated.

In response to his most recent investment, Mr. Anirudh Pangarkar of the US India EV Angels said, “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 sizable order book for its first electric motorcycle, RORR, which is similar to a 150cc ICE motorcycle, from both domestic and international markets. The same is expected to start being delivered in Q1 2023. The business claims that RORR was developed using a global benchmark and is positioned to reach several international markets eventually.

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.”

Oben Electric also plans to raise USD 50 million through its upcoming Series A financing, for further growth of the company, with a ready product, orders in hand, and deliveries around the corner.

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