[Funding Alert] Oben Electric raises $4 Mn funding to increase production of its Electric Two-wheelers

Oben Rorr

Electric mobility startup Oben Electric has secured $4 million 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 meet existing orders, increase production capacity and expand its distribution network.

Founded in August 2020 by Madhumita Agarwal and Dinkar Agarwal, Oben is an electric two-wheeler manufacturer. It focuses on the research and development, design and manufacture of EV components along with EV assembly.

Madhumita Agrawal, Founder and CEO of Oben Electric, said, “We are now heading towards the next milestone in our ongoing EV journey as we move towards fulfilling a broader vision. These funds will be used to fulfill existing orders, increase production capacity and expand our distribution network.”

Dravya Dholakia, Founder and Director of Dholakia Ventures, said, “Oben RORR has an excellent design with a great driving experience and represents a strong proposition for the customer in its segment. We believe that after ‘Make in India’, now is the time for ‘Design in India for the World’ and Oben Electric is at the forefront.”

The development comes nearly a year after Oben raised $2 million in a seed round from We Founder Circle (WFC), GVK Family Office and some individual investors.

Oben said its tech professionals have more than 25 years of experience in the EV industry. It claims that its RORR e-bike, which has a top speed of 100 km per hour, can travel a distance of 200 km on a single charge.

The startup, which plans to raise $50 million through a Series A funding round soon, is expected to start shipping its e-bikes in the first quarter of 2023. It said the 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 brands such as Revolt, Ultraviolette and Tork.

Electric car startup Motovolt Mobility recently raised $1.9 million 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 participated in the funding round.

Earlier, EV startup EMotorad secured INR 24 Cr in a pre-Series A funding round led by associates Green Frontier Capital, LetsVenture and Ivy Growth.

According to a McKinsey & Company report, two-wheeler and three-wheeler electric vehicle sales are expected to grow by 50% and 70% by 2030, respectively. Meanwhile, electric two-wheeler registrations grew by 2.3%, according to a Vahan report. month-on-month to 51,679 units in September this year.

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