Oben Electric, an E-2W startup, has raised an additional USD 1 million in a seed round
- ByStartupStory | January 25, 2022
Oben Electric, an electric two-wheeler startup, raised an extra USD 1 million in funding on Monday from Krishna Bhupal, GVK Power & Infra’s Board Member, Shajikumar Devakar, Executive Director IIFL Wealth, and other investors.
Oben Electric claimed in a release that after receiving USD 1.5 million in December 2021 from We Founders Circle (WFC), the start-up has been oversubscribed three times, making it one of the largest seed rounds obtained by an electric two-wheeler firm.
Oben Electric wants to utilise the funds to grow its business capacity, build a larger manufacturing infrastructure, speed up new product development, expand experience centres, and boost distribution plans, according to the company.
Krishna Bhupal, said, “As an angel or early-stage investor, our philosophy is to look for people and their capability to create pathbreaking businesses, and Oben met the investment criteria of our office. The electric two-wheeler growth in India is at a very early stage and ripe for disruption. The government is 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 the portfolio of 16 patents with a product that represents what the consumer needs in a two-wheeler,”
“We have raised a total of USD 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.” Dinkar Agrawal, co-founder, Oben Electric, said.
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