Oben Electric, a company specializing in electric vehicles, revealed on Tuesday that it had received Rs 40 crore in an extended pre-series A round and that it will begin delivering its Rorr electric motorcycle to customers in Bengaluru the next month. According to a statement from Oben, the firm has so far raised a total of Rs 88 crore, including Rs 72 crore (both in equity and debt) in the pre-Series A round.
Oben secures a 40 crore pre-Series A financing
According to the company, the cash infusion will enable it to increase production ability at the Bengaluru facility to 100,000 units annually and fulfill working capital needs for distribution network development. The Bengaluru-based EV firm, which has a distribution network spanning the majority of the country’s cities, said it will increase its manufacturing capacity to handle the 21,000 pre-orders.
According to Oben, the investment round attracted both fresh investors like Mumbai Angels and other high-net-worth individuals (HNIs) as well as institutional investors like Stride Ventures and the Indian Renewable Energy Development Agency (IREDA). Additionally, it added that the fundraiser included participation from current investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle.
“After carefully scheduling the delivery dates, additional funding was infused to meet current and future client demand for our product, Oben Rorr. The most recent infusion of money will be used to reach our agreed delivery deadline, which is the first week of July, according to Oben Electric founder and CEO Madhumita Agrawal.
Additionally, a prototype for its second product, scheduled to debut in 2024, is being developed and tested. The EV brand is also putting a lot of effort into developing innovative battery technology to improve performance, range, and longevity with the aim of cutting down on charging time and rare earth material dependence.
“EV has become one of the most popular industries in the startup environment. With this round of funding, Oben takes a step closer to being one of India’s most innovative trailblazers in the field. We commend the innovative team at Oben and wish them continued success as they lead the way for a greener tomorrow”, said Nandini Mansinghka, CEO of Mumbai Angels.
