Oben Electric Vehicles, a Bengaluru-based electric two-wheeler startup, announced on Tuesday that it has raised $4 million in a pre-Series A round of funding led by US India EV Angels, followed by Dholakia Ventures and existing investor We Founder Circle.
Oben Electric, which was founded in 2020, claims to be designing, developing, and manufacturing electric two-wheelers in-house. Dinkar Agrawal and Madhumita founded the Bengaluru-based startup.
Oben Electric, on the other hand, has yet to begin deliveries of its electric motorcycle RORR, which it claims is comparable to a 150cc ICE motorcycle. It also claims that the bike has a healthy order book from India and other export markets. The deliveries are expected to begin in the next quarter, according to the company.
Prior to this round, the company raised more than $2 million in a seed round in December 2021 from We Founder Circle (WFC), GVK Family Office, the managing director of a Fortune 50 PE Fund, and CXOs of multinational corporations.
In January of this year, the company raised $1 million (roughly Rs 7 crore) from Krishna Bhupal, board member of GVK Power & Infra, and Shajikumar Devakar, executive director of IIFL Wealth, as well as other investors.
Oben Electric also plans to raise $50 million in its upcoming Series A round to fuel its future growth, according to a press release.
Oben Electric competes in the electric vehicle space with companies such as Ola Electric, Ultraviolette Automotive, Ather Energy, Simple Energy, and Okinawa Autotech, among others.
Categories: Other News
Leave a Reply Cancel reply