Oben Electric, a startup in electric mobility, has raised $4 Mn in a Pre-Series A fundraising round that was led by US India EV Angels LLC. The fundraising round also included Dholakia Ventures and current backer We Founder Circle.
The firm will be able to fulfil its current orders, ramp up manufacturing, and broaden its distribution network with the aid of the funds.
“We are now heading towards the next milestone in our ongoing EV journey, while 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 Madhumita Agrawal, the founder and CEO of Oben Electric.
The news comes about a year after We Founder Circle (WFC), GVK Family Office, and a few private investors helped Oben fund $2 Mn in a seed round.
Madhumita Agarwal and Dinkar Agarwal established Oben, a manufacturer of electric two-wheelers, in August 2020. It focuses on EV component design, manufacture, and assembly as well as research and development.
Oben Electric claimed that its technical staff members have over 25 years of EV industry experience. It states that the 250 km range of its electric bike RORR, which has a top speed of 90 km/h, can be travelled on a single charge.
“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 is now time for ‘Design in India for the World’ and Oben Electric is at the forefront,” said Dravya Dholakia, the founder and director of Dholakia Ventures.
The startup, which plans to raise $50 Mn via Series A funding round in the near future, is expected to begin deliveries of its electric bike in the first quarter of 2023. It said that RORR meets international standards and will enter the global market in the future.
In India’s electric two-wheeler sector, the startup faces competition from the likes of Motovolt Mobility, EMotorad and Toutche Electric.