Oben Electric raises INR 40 Cr, to begin deliveries of Oben Rorr in July 2023
Oben Electric, a Bengaluru-based electric vehicle (EV) startup, has successfully raised INR 40 crore in an extended pre-Series A funding round, bringing their total Pre-Series A funding to INR 72 crore (equity & debt). The funding will be used to support the production and delivery of Oben Electric’s newly launched electric motorcycle called the Oben Rorr.
This latest funding round has increased the total funds raised by the company since its inception to INR 88 crore, which will support Oben Electric in increasing their production capacity to 100,000 units per year at their 3.5-acre manufacturing facility in Bengaluru and meet their working capital requirements for distribution expansion. Other than Oben Rorr, the funding will also be used to fulfil existing orders, increase production capacity, and expand the distribution network.
In a recent development, Oben Electric has established its inaugural experience centre in HSR Layout, Bangalore. Oben Electric plans to start deliveries of the “Oben Rorr” electric motorcycle from the first week of July 2023 in Bangalore. The company has established a distribution network in major Indian cities and aims to meet the demand of 21,000 pre-orders by scaling up its manufacturing capacity.
The motorcycle features a 10 kW IPMSM motor developed in-house, enabling good acceleration and a top speed of 100 kmph. It offers a certified range of 187 km, the highest among electric two-wheelers in India. The Oben Rorr is equipped with a first-in-segment LFP (Lithium Ferrous Phosphorous) cell technology-based battery pack, providing two times (2x) longer battery life and 50% higher heat resistance. The company has a portfolio of 21 patents and claims a component-level localization rate of 95%. Notably, it adheres to the latest Indian government regulations and safety standards for electric vehicles and batteries, specifically the AIS 156 amendment III phase II.
The funding round saw the participation of several institutional investors, including Stride Ventures and the Indian Renewable Energy Development Agency (IREDA). Additionally, new investors like Mumbai Angels and other high-net-worth individuals (HNIs) joined the round. Existing investors, such as the Kalvani Family Office, US India EV Angels, and We Founder Circle, also participated in the funding round, showcasing their continued support for Oben Electric.
Madhumita Agrawal, the Founder and CEO of Oben Electric, expressed her excitement about the funding round and the company’s commitment to delivering the Oben Rorr on time. Nandini Mansinghka, the CEO of Mumbai Angels, congratulated Oben Electric on its progress in the EV sector and praised the company for contributing to a greener future.
Oben Electric aims to offer a unique charging experience with its innovative technology, allowing customers to charge the Oben Rorr electric motorcycle at home in half the time compared to other electric two-wheelers on the market. While typical home-based charging takes around 83 minutes per kilowatt-hour (kWh), the Oben Rorr’s 4.4 kWh battery can be fully charged at home in just 120 minutes (2 hours). The company also has a comprehensive research and development roadmap, including the development and testing of a prototype for its second product, which is set to launch in 2024. Oben Electric is focused on advancing battery technology to enhance performance, range, and lifespan, with the goal of reducing charging time and minimizing reliance on rare earth materials.
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