Oben Electric Closes INR 100 Cr Series A Funding Round

Bengaluru-based electric bike manufacturer Oben Electric today said it has marked the final close of its INR 100 Cr (around $11.5 Mn) Series A funding round, after raising an additional INR 50 Cr (around $5.7 Mn) capital.

The round saw participation from a mix of new and existing investors, including Helios Holdings, Sharda family office and Kay family, among others.

In January,  the company raised INR 50 Cr in the first tranche of its INR 100 Cr Series A funding round. 

The startup plans to deploy the fresh proceeds to expand its retail footprint, accelerate product development  and scale up manufacturing in its Bengaluru facility.

“We’re expanding not just our retail footprint but also our innovation roadmap with platforms like O100 that aim to democratize electric motorcycles for the mass market. Backed by full vertical integration and a resilient supply chain, this funding prepares us for a new phase of scale, impact, and growth opportunities, said Oben Electric founder and chief executive officer Madhumita Agrawal.

Founded in 2020 by Agrawal, Dinkar Agarwal and Sagar Thakkar, Oben Electric designs, develops and manufactures EV motorcycles and EV components in its manufacturing facility in Bengaluru. As per the company, it holds 18+ patents for its proprietary technology and EV components.

The startup used the capital raised during the first tranche of Series A funding round in opening 37 new outlets across 13 states, including Punjab, Gujarat, Madhya Pradesh, Telangana, Uttar Pradesh, Chhattisgarh and Odisha, among others.

Now, it is aiming to expand its footprint to more than 150 showrooms across 50 cities by the end of FY26.

In 2023, Oben raised INR 74 Cr in its Pre-Series A funding round. It claims to have raised a total funding of INR 200 Cr till date.

Last month, the company recorded 277 EV two-wheeler registrations.

Two-Wheeler Carrying India’s EV Ride

Amid rapid EV adoption, two-wheelers and three-wheelers are surely leading India’s EV landscape race. 

E2W registrations jumped 40% year-on-year to 91,794 units in April 2025 from 65,555 units last year. However, the registration number slumped 30% month-on-month from 1.31 Lakh units registered in March.

In terms of registrations, legacy automotive player TVS Motor and Bhavish Aggarwal-led Ola Electric emerged as the top two players in April.

As per Inc42 report, India’s EV market is projected to reach $132 Bn by 2030. The country is home to more than 119 EV startups.