Bengaluru-based on Tuesday said it raised Rs 40 crore ($4.8 million) in a pre-Series A funding round, bringing the total raised in the round to Rs 72 crore.
Investors in the round included Stride Ventures, the Indian Renewable Energy Development Agency (IREDA), as well as new investors.
Oben Electric said it will use the funds to increase its production capacity at its manufacturing facility in Bengaluru and expand its distribution network.
It will also use the funds to support the rollout of its first e-motorcycle, Rorr, expected to hit the road in the first week of July 2023.
“We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline that is set for the first week of July,” said Madhumita Agrawal, CEO and Co-founder of Oben Electric.
(Image source: Company)
Rorr comes with a 4.4 kilowatt-hour (kWh) battery that Oben claims takes just 120 minutes to charge, versus a standard home-based 20-45 kWh battery that takes 83 minutes per kWh.
The e-motorcycle has a lithium ferrous phosphorous (LFP) cell, compared to the traditional lithium-ion batteries, which Oben says it developed in-house and provides 2X longer battery life.
Founded in 2020 by three entrepreneurs—Sagar Thakkar, Madhumita Agrawal, and Dinkar Agrawal—Oben Electric says it holds more than 21 patents for its proprietary tech and EV components. Primarily, it manufactures motorcycles. Although, the company says it focusing on advancing battery tech to make it more efficient.
