Oben Electric has secured Rs 40 crore in an extended pre-series A round, bringing their total Pre-Series A funding to Rs 72 crore (equity & debt).
With this, it has raised Rs 88 crore since its inception, which the EV maker says will help increase production capacity to 100,000 units per year at its 3.5-acre manufacturing facility in Bengaluru and also meet working capital requirements for distribution expansion.
The latest funding round saw participation from investors like Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors, including Mumbai Angels and other high-net-worth individuals (HNIs). Existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also participated in the round.
Oben Electric recently opened its first experience center in HSR Layout, Bengaluru and deliveries of its electric motorcycle ‘Oben Rorr’ is expected to commence the first week of July.
The EV startup claims it has already established a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up its manufacturing capacity.
The company’s maiden product, the Oben Rorr e-motorcycle stands, is claimed to be designed completely in-house, including development and backed by 21 patents and 95 percent component-level localization.
The e-motorcycle features a 10 kW IPMSM in-house developed motor that enables acceleration (0-40kmph in 3 seconds) and a top speed of 100kmph. It also comes with a claimed certified range of 187km (IDC), powered by a LFP (Lithium Ferrous Phosphorous) cell technology-based battery pack, which it says provides two times (2x) longer battery life and 50 percent higher heat resistance.
Madhumita Agrawal, Founder and CEO, Oben Electric said, “The additional infusion of funds was raised after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr.”
Nandini Mansinghka, CEO, Mumbai Angels stated, “EV has emerged as one of the hottest sectors in the startup ecosystem. With this funding round, Oben moves one step further into becoming one of the brightest trailblazers in the space in India.”
While typical home-based charging takes around 83 minutes per kilowatt-hour (kWh), the Oben Rorr’s 4.4 kWh battery is claimed to be fully charged at home in just 120 minutes (2 hours).
The company has a 360-degree R&D roadmap, including the development and testing of a prototype for its second product set to launch in 2024.