OBEN ELECTRIC RAISES USD 4 MILLION IN ITS PRE-SERIES A ROUND AHEAD OF DELIVERIES

•                     Oben Electric raises fresh funds of USD 4Mn ahead of the deliveries of its maiden electric motorcycle ‘RORR’

•                     Funds will be utilized to increase production capacity and fulfilling pre-orders obtained for RORR

•                     With a ready product, orders at hand and deliveries around the corner, Oben Electric plans to raise USD 50Mn through its Series A round, for further growth of the company

 

November 29, 2022, Bengaluru: Oben Electric, a Bengaluru-based electric motorcycle start-up has raised USD 4 Mn as part of its Pre-Series A round of funding. It was led by US India EV Angels LLC, followed by Dholakia Ventures and existing investor We Founder Circle.

“We are happy to share that we are now heading towards our next milestone in our ongoing EV journey, whilst 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 Ms. Madhumita Agrawal, Founder and CEO, Oben Electric.

Commenting on his current investment, Mr. Anirudh Pangarkar, US India EV Angels stated, "We were impressed by the product and its advanced battery technology, giving the company an edge over its competitors. Their hands-on experience can be seen in the design, safety, and robustness of the product. This makes Oben Electric, a tour de force in the EV industry."

Mr. Dravya Dholakia, Dholakia Ventures said, “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’s now time for ‘Design in India for the World’ and Oben Electric is at the forefront.”

The company has a healthy order book from India and export markets alike, for its first electric motorcycle RORR, comparable to a 150cc ICE motorcycle. Deliveries of the same are slated to begin from Q1, 2023. According to the company, RORR has been developed basis global benchmarks and is well-positioned to enter various international markets in the future.

Mr. Bimal Kalvani, a lead investor in the current round added, “Oben's first product RORR with its imminent commercial launch and sales, future product pipeline, and strategy are well suited for exponential growth across global markets.”

With a ready product, orders at hand and deliveries around the corner, Oben Electric further intends to raise USD 50Mn through its upcoming Series A round, for further growth of the company.

Previously, the company had raised over USD 2Mn in a seed round in December 2021 from We Founder Circle (WFC), GVK Family Office, MD of Fortune 50 PE Fund & CXOs of MNCs. The funding was seen as one of the largest seed rounds raised at the time by an electric two-wheeler OEM in the country.

Commenting on WFC’s participation in the Pre-Series-A Round, Mr. Neeraj Tyagi, Founder & CEO, WFC said, “We are excited to participate again in the Pre-Series A round after the seed round, as RORR has received an overwhelming response from customers. Through this fundraising, Oben Electric will be able to start their deliveries from Q1, 2023.”

About Oben Electric

Oben Electric is an electric motorcycle start-up, founded in Aug 2020 and headquartered in Bengaluru. It is an R&D-driven organization designing, developing, and manufacturing electric motorcycles in-house along with critical EV components. This is enabled by a phenomenal team of passionate technologists who bring 25+ years of collective hands-on experience in electric two-wheelers and their components, with a focus on ‘Design in India for the World’.

It is playing a pivotal role in changing the electric two-wheeler landscape of India with many firsts to its name. It is pioneering the use of advanced battery chemistry such as LFP in E2Ws in the country, which is significantly safer, longer, and cleaner than other widely used battery chemistries. The company also holds 18+ patents for its proprietary technology and EV components.

Oben Electric as an early mover is leading the adoption of electric motorcycles in India, the world’s largest motorcycle market. With insignificant competition today, the company intends to become the largest electric motorcycle OEM globally.