In a significant development for the Indian electric vehicle industry, Oben Electric, A Bengaluru-based startup, has successfully raised INR 40 crore (approximately $4.88 million) in an extended Pre-Series A funding round. This round, led by Stride Ventures and backed by prominent investors such as Indian Renewable Energy Development Agency (IREDA), Mumbai Angels, and high-net-worth individuals (HNIs), brings the total Pre-Series A fundraise for Oben Electric to INR 72 crore (around $8.78 million) in a combination of equity and debt.
A Promising Future for Oben Electric
Oben Electric, founded in 2020 by Madhumita Agarwal and Dinkar Agarwal, is committed to transforming the Indian automotive landscape through its cutting-edge electric motorcycles. With a focus on sustainability, innovation, and performance, Oben Electric aims to lead the charge in the electric vehicle revolution in India.
The Oben Rorr Series: Defining Electric Mobility
Oben Electric’s flagship products are the Oben Rorr and the Oben Rorr S electric motorcycles. Designed and developed in-house, these motorcycles boast exceptional features and specifications that cater to the needs and preferences of modern riders.
1. Oben Rorr: Power Meets Performance
The Oben Rorr is a high-speed electric motorcycle that pushes the boundaries of speed and agility. With a remarkable top speed of 100 kmph, riders can experience thrilling acceleration while ensuring a smooth and comfortable ride. Its advanced battery technology provides a range of 200 km on a single charge, empowering riders to embark on long journeys without worrying about running out of power.
2. Oben Rorr S: Affordability Meets Efficiency
The Oben Rorr S, a more cost-effective variant of the Oben Rorr, offers an ideal combination of efficiency and affordability. With a top speed of 85 kmph and a range of 180 km on a single charge, this motorcycle caters to urban commuters and those seeking an eco-friendly mode of transportation. The Oben Rorr S enables riders to navigate through congested city streets with ease while minimizing their carbon footprint.
A Pioneering Manufacturing Facility
Oben Electric takes pride in its state-of-the-art 3.5-acre manufacturing facility located in Bengaluru. This facility serves as the production hub for the Oben Rorr series, ensuring precision engineering, quality control, and adherence to international standards. By maintaining full control over the manufacturing process, Oben Electric guarantees the highest levels of craftsmanship and performance for its motorcycles.
Empowering the Electric Vehicle Ecosystem
With the newly secured funding, Oben Electric is poised to accelerate its production capabilities and expand its reach in the Indian market. The company plans to utilize the capital to ramp up the production of the Oben Rorr and Oben Rorr S motorcycles, meeting the increasing demand from environmentally conscious riders.
Furthermore, Oben Electric aims to strengthen its distribution network, ensuring that its motorcycles are accessible to consumers across the country. By establishing strategic partnerships and collaborations with dealerships and key stakeholders, Oben Electric aims to make electric mobility a viable and convenient option for Indian consumers.
Driving Innovation Through Research and Development
Oben Electric recognizes the critical role of research and development (R&D) in shaping the future of electric mobility. The company intends to allocate a significant portion of the funds raised to enhance its R&D capabilities. By investing in cutting-edge technology, Oben Electric aims to continually improve its existing motorcycles and develop new models with enhanced performance, safety features, and user experiences.
The Road Ahead: Deliveries and Market Expansion
Excitement is building as Oben Electric prepares to commence deliveries of the Oben Rorr in the first week of July 2023. With over 21,000 pre-orders already received, the company anticipates a strong reception from eager customers eagerly awaiting their electric motorcycles.
The investment in Oben Electric represents a broader trend of increasing interest in the electric vehicle sector in India. The Indian government’s incentives and initiatives to promote the adoption of electric vehicles provide a supportive environment for companies like Oben Electric to thrive. With a growing focus on sustainability and reduced carbon emissions, the electric vehicle market in India is poised for significant growth in the coming years.
Oben Electric’s successful Pre-Series A funding round marks a significant milestone for the company and the Indian electric vehicle industry. With its innovative and high-performance electric motorcycles, Oben Electric is set to make a lasting impact in the market. The fresh infusion of capital will accelerate production, expand the distribution network, and strengthen R&D capabilities, ensuring that Oben Electric remains at the forefront of India’s electric vehicle revolution.
Frequently Asked Questions (FAQs)
Q: When was Oben Electric founded?
- A: Oben Electric was founded in 2020.
Q: What are the key products offered by Oben Electric?
- A: Oben Electric’s key products are the Oben Rorr and Oben Rorr S electric motorcycles.
Q: What is the top speed of the Oben Rorr?
- A: The Oben Rorr has a top speed of 100 kmph.
Q: How far can the Oben Rorr S travel on a single charge?
- A: The Oben Rorr S has a range of 180 km on a single charge.
Q: When will Oben Electric start delivering the Oben Rorr motorcycles?
- A: Oben Electric plans to commence deliveries of the Oben Rorr in the first week of July 2023.