Oben Electric Bags Funding of INR 50 Cr To Expand Its Portfolio

Oben Electric Bags INR 50 Cr To Expand Its E-Bike Portfolio

SUMMARY

Oben Electric secured INR 50 Cr in Series A funding from international investors, bringing its total funding to INR 150 Cr

The company plans to expand its distribution network to 100+ showrooms across 50 cities by FY26

The EV maker operates a 100,000-unit annual capacity facility in Bengaluru, manufacturing its Rorr and Rorr EZ electric motorcycles

Bengaluru-based electric bike manufacturer Oben Electric has raised INR 50 Cr (around $5.8 Mn) as a part of its Series A funding round from Ambis Holding US, Kuberans Ventures, Karimjee Group and Mission Vertical Capital.

The round also saw participation from Polyplex chairman Sanjiv Saraf’s family office, Pravek Kalp family office and other existing investors.

With this round, the company claims to have raised INR 150 Cr in total equity capital till date.

The company plans to use the fresh funding to expand its existing distribution network to more than 100 showrooms, along with Oben Care service centres across 50 cities in India by FY26. It also looks to expand its current product offerings.

“This funding will fuel our next phase of growth as we expand across India and set our sights on entering strategic international markets, ultimately positioning Oben Electric among the top global players in the electric mobility space,” said Madhumita Agrawal, founder and CEO of Oben Electric.

Founded in 2020 by Madhumita Agrawal, Dinkar Agarwal and Sagar Thakkar, Oben Electric designs and manufactures electric motorcycles in India. The company runs a 100,000-unit annual capacity manufacturing facility in Jigani, Bengaluru, where it produces its two models – the flagship Rorr and the recently launched Rorr EZ.

The EV maker develops its own key components including batteries, motors, vehicle control units and home fast chargers, supported by a domestic supply chain of approximately 150 vendors. The company currently sells through more than 20 stores across 10 cities in India.

The EV manufacturer currently operates more than 20 stores across 10 cities, including Bengaluru, Delhi, Jaipur, Lucknow, Pune, Kochi and Thiruvananthapuram.

This comes at a time when India’s EV sector continues to attract significant funding. Prior to this round, Oben Electric raised INR 40 Cr in June 2023 from Stride Ventures, IREDA and Mumbai Angels, and $4 Mn in a pre-Series A round led by US India EV Angels LLC in November 2022, with participation from Dholakia Ventures and We Founder Circle.

Transport minister Nitin Gadkari recently said the homegrown EV market would become an INR 20 Lakh Cr opportunity by 2030. The two-wheeler segment has shown steady growth in 2024, with registrations growing 18% month-on-month in May.