EV Makers Funding Alert

Indian EV Bike Maker Oben Electric Bags $9.4M Pre-Series B

By StartupStory | December 19, 2025

Bengaluru-based electric motorcycle startup Oben Electric has raised $9.4 million in a pre-Series B funding round to ramp up production of its high-performance EV bikes and expand its battery-swapping network across India.

Pre-Series B Fuels Manufacturing Scale-Up

The $9.4 million round attracted investments from marquee backers including TVS Motor Company, which deepened its strategic stake, alongside existing supporters like Blume Ventures and family offices betting on premium EV two-wheelers. Total funding now crosses $20 million since Oben’s 2021 launch. Proceeds target a new gigafactory in Bengaluru for 50,000 units annually, R&D into next-gen 30 kWh batteries, and 500+ swapping stations by 2027.

Founded by IIT Madras alumni Mithun Mohan and Arvind R, Oben focuses on performance-oriented electric bikes rivaling 300cc ICE premiums. Its flagship Rorrame delivers 0-100 km/h in 3 seconds, 200+ km range, and 150 km/h top speed via in-house IPU (Integrated Power Unit) tech.

Targeting Premium EV Rider Segment

India’s premium two-wheeler market exceeds 1 million units yearly, with EVs at 2% penetration despite 40% CAGR. Oben disrupts with motorcycle-grade engineering—liquid-cooled motors, aluminum frames, and OTA updates—appealing to enthusiasts underserved by scooter-heavy rivals like Ola S1 and Ather 450X.

Key differentiators: Removable 11 kWh packs for home charging, 99% uptime via cloud diagnostics, and financing at EMI parity with petrol bikes. Early adopters include urban millennials clocking 5,000 km/month, with resale values holding 80% after year one.

Strategic Use of Capital

Funds deployment spans:

Production Ramp: Chassis localization to cut costs 25%, PLI-compliant assembly hitting 10,000/month by FY27.
Swapping Infra: Partnerships with BPCL/IOCL for highway stations, targeting 5-min swaps at Rs 50/full charge.
Product Pipeline: Rorrame Plus with 300 km range and adventure variant for touring.

Oben eyes exports to Europe via Euro5 compliance, leveraging cost edge over Zero Motorcycles.

Building Moats in Crowded EV Space

Bajaj/TVS freedom models compete, but Oben’s vertical integration—batteries to software—yields 35% margins vs. industry 15%. Data from 10,000 bikes powers AI fleet management, preempting 90% failures. Gross margins at 28%, path to EBITDA positive by 2028.

Headwinds: Battery prices, charging density, subsidy cuts. Mitigated by cell deals with Reliance and FAME-III lobbying.

Policy and Market Momentum

India’s EV two-wheeler sales hit 2 million in 2025, propelled by PLI 2.0 ($1.5B outlay) and state incentives. Premium segment grows 50% as riders prioritize torque/speed over range anxiety. TVS synergy unlocks distribution in 5,000 dealerships.

VC thesis: Oben captures aspirational shift mirroring Royal Enfield’s revival, with 10x TAM via exports.

Road to Hypergrowth

Success yardsticks: 100,000 cumulative sales, 40% market share in premium EVs, $150M ARR. Horizons include IPO or acquisition by Hero/Honda. Oben redefines electric biking—raw power meets smart infra—igniting India’s mobility revolution in a $30 billion segment.

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