According to the company, the cash infusion will assist it in increasing its production capacity at the Bengaluru facility to 100,000 units per year as well as meeting the working capital requirements for distribution expansion.
Oben Electric, an electric vehicle company, revealed on Tuesday that it has secured Rs 40 crore in an expanded pre-series A round and that it will begin delivering its electric motorcycle Rorr to clients in Bengaluru next month. Oben said in a statement that the firm has received a total capital of Rs 88 crore, comprising Rs 72 crore (both in equity and debt) in the pre-Series A round.
According to the company, the cash infusion will assist it in increasing its production capacity at the Bengaluru facility to 100,000 units per year as well as meeting the working capital requirements for distribution expansion.
The Bengaluru-based EV firm, which has a distribution network in major cities throughout the country, expects to scale up its manufacturing capacity to satisfy the demand of 21,000 pre-orders, according to the company.
According to Oben, the investment round attracted both institutional investors such as Stride Ventures and the Indian Renewable Energy Development Agency (IREDA), as well as fresh investors such as Mumbai Angels and other high-net-worth individuals (HNIs).
Existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also took part in the fundraiser, according to the statement.
“The additional funding came after meticulously planning delivery dates and meeting current and future customer demand for our product Oben Rorr.” The current round of funding will be used to reach our committed delivery date of the first week of July,” said Madhumita Agrawal, Founder-CEO of Oben Electric.
