A pre-Series A funding round headed by US India EV Angels LLC has brought the total amount raised to $4 million for the electric mobility firm Oben Electric. Additional participants in the investment round included Dholakia Ventures as well as a current investor in We Founder Circle.
The firm will be able to fulfil orders already placed, grow its production capacity, and broaden its distribution network thanks to the cash.
Oben is an electric two-wheeler manufacturer that was founded in August of 2020 by Madhumita Agarwal and her husband, Dinkar Agarwal. It concentrates on doing research and development, designing and manufacturing electric vehicle components, and assembling electric vehicles.
The Founder and Chief Executive Officer of Oben Electric, Madhumita Agrawal, stated that “We are now travelling towards the next milestone in our ongoing EV journey as we progress towards realising a bigger goal.” These monies will be utilised to fulfil orders that have already been placed, enhance our production capacity, and extend our distribution network.
“Oben RORR has a fantastic design with a great driving experience and represents a solid proposition for the customer in its segment,” stated Dravya Dholakia, the Founder and Director of Dholakia Ventures. After the success of the “Make in India” campaign, we feel that it is now time for “Design in India for the World,” and Oben Electric is at the vanguard of this movement.
The new development comes after Oben successfully completed a seed funding round in which it raised $2 million from We Founder Circle (WFC), GVK Family Office, and a few other investors about a year ago.
According to Oben, the members of its technical staff have more than 25 years of expertise working in the EV business. It asserts that its RORR electric bicycle, which can reach speeds of up to 100 kilometers per hour and has a range of up to 200 kilometers on a single charge.
In the first quarter of 2023, the startup anticipates that it will begin distributing its electric bicycles. In the near future, the company intends to raise $50 million through a Series A fundraising round. It was stated that the RORR satisfies the requirements of international standards and will eventually enter the worldwide market.
In the market for electric two-wheelers in India, the new company confronts competition from well-established brands like Revolt and Ultraviolette as well as Tork.
The pre-Series A investment round for electric car startup Motovolt Mobility was recently led by Wami Capital and resulted in the company raising $1.9 million. PPAP Automotive, Vikrampati Singhania from JK Group, Ankur Agarwal from Crystal Crop, and Vikas Bagaria from PeeSafe all took part in the investment round.
Earlier, electric vehicle (EV) startup EMotorad was successful in securing a pre-Series A funding round totaling INR 24 Cr. This round was led by associates Green Frontier Capital, LetsVenture, and Ivy Growth.
According to a survey by McKinsey & Company, sales of electric two-wheelers and three-wheelers are anticipated to increase by a respective 50% and 70% by the year 2030. A survey from Vahan found that registrations for electric two-wheelers increased by 2.3% over this time period. to 51,679 units in September of this year, a month-on-month increase.
