EV startup Oben Electric raises $4.9M in pre-Series A+ funding

Bengaluru based EV startup Oben Electric has raised $4.9 million in extended pre-series A funding round.

This brings their total pre-series A funding to $8.8 million (equity & debt). Since its inception, Oben Electric has raised a total of $10.7 million in funds.

The total funding will support the company in increasing their production capacity to 100,000 units per year at their 3.5-acre manufacturing facility in Bengaluru and meet their working capital requirements for distribution expansion.

The funding round attracted participation from Institutional 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). The existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also joined, demonstrating their continued support for Oben Electric in each funding round.

Oben Electric recently opened its first experience center in HSR Layout, Bangalore and deliveries of its performance electric motorcycle “Oben Rorr” will commence from 1st week of July 2023. The EV startup has a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up their manufacturing capacity.

Oben Electric’s Oben Rorr electric motorcycle stands out with its in-house design, development, and localization efforts, backed by 21 patents and 95% component-level localization. It proudly meets the latest Indian government regulations and safety standards for electric vehicles and batteries (AIS 156 amendment III phase II). The Oben Rorr achieves exceptional performance, boasting a 10 kW IPMSM motor developed in-house that enables impressive acceleration (0-40 kmph in 3 seconds) and a top speed of 100 kmph. It also sets a benchmark with a certified range of 187 km (IDC), the highest among electric two-wheelers in India. It also boasts of a first-in-segment LFP (Lithium Ferrous Phosphorous) cell technology-based battery pack, designed and developed in-house, which provides two times (2x) longer battery life and 50% higher heat resistance, making it the safest electric two-wheeler in India.

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. We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline that is set for the 1st Week of July.”

Nandini Mansinghka, CEO, Mumbai Angels, said “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. We congratulate the dynamic team at Oben and hope they continue setting new benchmarks while helping the world ride towards a greener tomorrow.”

Oben Electric offers a unique charging experience with its innovative technology, allowing customers to charge the Oben Rorr electric motorcycle at home in half the time compared to other electric two-wheelers in the market. While typical home-based charging takes around 83 minutes per kilowatt-hour (kWh), the Oben Rorr’s 4.4 kWh battery can 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 their second product set to launch in 2024. The EV brand is also focusing on advanced battery technology to enhance performance, range, and lifespan, with the goal of further reducing charging time and minimizing reliance on rare earth materials.