Oben Electric, a Bengaluru-based EV start-up, has raised Rs 40 crore in an extended pre-series A round, bringing its total Pre-Series A fundraise to Rs 72 crores (equity and debt). The brand has raised a total fund worth of Rs 88 crores since its inception in 2020.

This capital infusion will support Oben Electric in increasing its production capacity to 100,000 units per year at its 3.5-acre manufacturing facility in Bengaluru. It will also meet their working capital requirements for distribution expansion.

The EV start-up has a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up their manufacturing capacity.

The funding round saw participation from institutional investors like Stride Ventures and Indian Renewable Energy Development Agency (IREDA) and new investors, including 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 participated.

Oben Electric recently opened its first experience centre in Bengaluru. Deliveries of its performance electric motorcycle Oben Rorr will commence from July 2023. The electric motorcycle has in-house design and development and is backed by 21 patents with 95 per cent component-level localisation. 

The company claims it meets the Indian government’s regulations and safety standards for electric vehicles and batteries (AIS 156 amendment III phase II). It has a 10 kW IPMSM motor developed in-house that enables impressive acceleration (0-40 kmph in 3 seconds) and a top speed of 100 kmph. 

The vehicle has a certified range of 187 km (IDC) with a lithium ferrous phosphorous cell technology-based battery pack, which provides two times (2x) longer battery life and 50 per cent higher heat resistance.

Madhumita Agrawal, founder and CEO of Oben Electric, said, “The additional infusion of funds was raised after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr. We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline set for the first week of July.”

Nandini Mansinghka, CEO of Mumbai Angels, added, “EV has emerged as one of the hottest sectors in the start-up ecosystem. With this funding round, Oben moves one step further into becoming one of the brightest trailblazers in the space in India.”

Oben Electric asserts that it offers a charging experience, allowing customers to charge the electric motorcycle at home in half the time compared to other electric two-wheelers in the market. While typical home-based charging takes around 83 minutes per kilowatt-hour (kWh), Oben Rorr’s 4.4 kWh battery can be fully charged at home within two hours. 

Founded in August 2020, the company’s R&D roadmap includes testing a prototype for its second product set to launch in 2024. It holds more than 21 patents for its proprietary technology and EV components.