Home E-Mobility Indian EV Maker Bags $4 Million in Pre-Series A Funding

Indian EV Maker Bags $4 Million in Pre-Series A Funding

The fresh round of funding comes ahead of the company’s plan to start deliveries of the Rorr.

by Aishwarya Saxena

Bangalore-based electric vehicle manufacturer, Oben EV has received a pre-series A funding of $4 million (~Rs 32 crore) from US India EV Angels LLC, followed by Dholakia Ventures and existing investor We Founder Circle.

Oben EVThe fresh round of funding comes ahead of the company’s plan to start deliveries of the Rorr.

The funding will be utilized to increase Oben’s production capacity and fulfilling pre-orders the company has received. To date, Oben has received over 17,000 bookings for electric motorcycle from across India, as well as global markets.

Oben EV currently has a 3.5-acre manufacturing facility in Bangalore capable of producing 3 lakh units per year but will look at manufacturing 50,000 units per year during its first phase of expansion to meet demands. To do so, the EV maker will raise additional funding of $50 million (~Rs 406 crore).

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Deliveries of the Oben Rorr EV will happen in a phased manner, starting with nine cities: Bengaluru, Chennai, Hyderabad, Jaipur, Mumbai, Pune, Ahmedabad, Surat, and New Delhi.

Oben will start test drives this December in Bangalore, while deliveries will commence during the first quarter of 2023.

In its second phase, Oben will start deliveries in other cities, including a few global markets such as the middle east, Latin America, Africa, Nepal, Bhutan, and Bangladesh. Exports to these global markets will begin soon.

Also, for the Indian market itself, Oben is in the process of onboarding dealers and plans to have over 100 dealerships in India by next year.

The Oben Rorr is available in a single variant, powered by a 4.4 kWh battery pack that offers a range of 200 km on a full charge. The Oben Rorr can accelerate from 0 to 40 kmph in 3 seconds, on par with the 150cc segment motorcycles.

Oben will focus on this segment as this is the most popular category in motorcycle sales. The company will focus on motorcycles only, but different segments in the 100 to 200cc category.

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