Oben Electric, emerging electric motorcycle play, has also successfully raised the ₹50 crore, which is an equivalent of roughly $6 million, with a Series A funding round. This round was led by some of the most prominent investors, including Ambis Holding US, Kuberan Ventures, Karimjee Group, and Mission Vertical, besides contributions from family offices like Sanjeev Saraf (Polyplex) and Pravek Kalp. This is the third funding round that brings the total equity capital raised by the company to ₹150 crore or around $18 million so far.
PC: Yourstory.com
Prior to this Series A funding, Oben Electric had raised ₹40 crore (about $4.8 million) in an extended pre-Series A round in June 2023. The new capital raised in this latest round will be critical in expanding the company’s distribution network, aiming to set up over 100 showrooms and Oben Care service centers across 50 cities in India by FY26. This aggressive growth plan will help increase access and customer experience for its electric motorcycles.
Oben Electric was founded in 2020 by Madhumita Agrawal, Sagar Thakkar, and Dinkar Agrawal. Oben Electric is focused on the design and manufacture of electric motorcycles and key components, including batteries, motors, vehicle control units, and home fast chargers. The company is committed to leading the electric mobility sector globally through technology and a robust supply chain with minimal regulatory risks.
With Oben Electric, significant progress can be noted, where its prime offering is its Oben Rorr e-motorcycle, available via over 20 stores in the Indian market located across 10 cities: it offers major offerings to cities of the size such as Bengaluru, Delhi, Jaipur, Lucknow, Pune, Kochi, Thiruvananthapuram,and all more. Some months back Oben Rorr has offered its brand-new offeringEZ or Easy to begin at INR89,999.
The company highlights that its products make use of high-performance Lithium Iron Phosphate (LFP) battery technology, which is designed to give superior resilience and longevity, even in extreme weather conditions. Oben Electric claims that its motorcycles have been rigorously tested on over 200 parameters to ensure roadworthiness and are supported by a network of more than 75,000 third-party charging stations across over 1,600 cities in India.
In addition to its product offerings, Oben Electric has partnered with over 10 ecosystem partners to provide services such as insurance, financing, and roadside assistance (RSA). This holistic approach not only enhances the customer experience but also solidifies Oben Electric’s position in the competitive electric mobility sector.
With the current fundraise, Oben Electric is well-prepared to continue its rapid growth momentum while expanding its presence in the electric motorcycle market. It will utilize its vertically integrated model and innovative products to capitalise on a larger share of India’s rapidly growing electric vehicle landscape.
With an increase in demand for sustainable transportation solutions, Oben Electric’s quality and innovation commitments position it favorably to meet the needs of environmentally conscious consumers. The electric mobility sector is witnessing significant investment and interest, and Oben Electric’s recent funding success reflects a strong belief in its potential to thrive in this dynamic market.
Oben Electric, with its ambitious plans for expansion and a focus on cutting-edge technology, is going to make a huge impact in the electric motorcycle space and contribute to the broader transition towards sustainable transportation.
