The funding will help the startup to cater to its existing orders, ramp up production capacity, and expand its distribution network
Dholakia Ventures and We Founder Circle participated in the funding round
The development comes almost a year after Oben raised $2 Mn in a seed round from We Founder Circle (WFC), GVK Family Office, and some individuals investors
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Electric mobility startup Oben Electric has secured $4 Mn in a Pre-Series A funding round led by US India EV Angels LLC. Dholakia Ventures and existing investor We Founder Circle also participated in the funding round.
The funding will help the startup to cater to its existing orders, ramp up production capacity, and expand its distribution network.
“We are now heading towards the next milestone in our ongoing EV journey, while 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 Madhumita Agrawal, the founder and CEO of Oben Electric.
The development comes almost a year after Oben raised $2 Mn in a seed round from We Founder Circle (WFC), GVK Family Office, and some individual investors.
Founded in August 2020 by Madhumita Agrawal and Dinkar Agrawal, Oben is an electric two-wheeler vehicle maker. It focuses on research and development, designing, and manufacturing of EV components, along with assembling EVs.
Oben said that its tech professionals hold over 25 years of experience in the EV industry. It claims that its electric bike RORR, which has a top speed of 100 kms per hour, can cover a distance of 200 kms on a single charge.
“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 is now time for ‘Design in India for the World’ and Oben Electric is at the forefront,” said Dravya Dholakia, the founder and director of Dholakia Ventures.
The startup, which plans to raise $50 Mn via Series A funding round in the near future, is expected to begin deliveries of its electric bike in the first quarter of 2023. It said that RORR meets international standards and will enter the global market in the future.
In India’s electric two-wheeler sector, the startup faces competition from the likes of Revolt, Ultraviolette and Tork.
According to a McKinsey & Company report, the sales of two-and three-wheeler electric vehicles is expected to increase 50% and 70%, respectively, by 2030. Meanwhile, as per a Vahan report, electric two-wheeler registrations increased 2.3% month-on-month to 51,679 units in September this year.
Recently, EV startup Motovolt Mobility bagged $1.9 Mn in a Pre-Series A funding round led by Wami Capital. PPAP Automotive, JK Group’s Vikrampati Singhania, Crystal Crop’s Ankur Agarwal and PeeSafe’s Vikas Bagaria took part in the funding round.
Prior to that, EV startup EMotorad secured INR 24 Cr in a Pre-Series A funding round led by Green Frontier Capital, LetsVenture and Ivy Growth associates.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.