Oben Electric raises ₹40 crore in latest fundraise; Rorr e-bike deliveries begin in July

Bengaluru-based electric two-wheeler start-up Oben Electric has raised ₹40 crore in an extended pre-series A round, bringing their total pre-series A fundraising to ₹72 crore (equity and debt). The EV maker announced that it will be using the fresh investment to increase its production capacity to 100,000 units per annum for the Oben Rorr electric motorcycle at the company’s 3.5-acre manufacturing facility in Bengaluru. Deliveries begin in the first week of July.

The latest round of investment will also be used towards meeting working capital requirements and expanding distribution, Oben said in a statement. The much-delayed electric motorcycle was first unveiled a year ago and will take on offerings like the Tork Kratos R, Hop Oxo, as well as the upcoming Matter Aera.

Deliveries for the Oben Rorr were set to begin in Q1 2023 but was later pushed to the first week of July. Prices remain unchanged despite the subsidy revision

Share Via

Deliveries for the Oben Rorr were set to begin in Q1 2023 but was later pushed to the first week of July. Prices remain unchanged despite the subsidy revision

Speaking on the new investment, Madhumita Agrawal, Founder and CEO - 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 that is set for the first week of July."

The latest funding round attracted participants from Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors including Mumbai Angels and other high-net-worth individuals (HNIs), the company said. Existing investors including Kalvani Family Office, US India EV Angels, and We Founder Circle participated in the latest round as well.

Oben Electric is now looking to meet customers at its experience centres pan India. The company’s first outlet opened in HSR Layout in Bengaluru, and the company says it has set up a distribution network in major Indian cities and plans to meet the demand of 21,000 pre-bookings by scaling up its manufacturing capacity. The company previously recorded 17,000 pre-bookings in November last year.

The Oben Rorr e-motorcycle has been completely developed in-house and gets 95 per cent of local components with 21 patents. The bike has been updated to meet the latest AIS 156 Amendment Phase 3 battery safety standards. The electric offering packs a 10 kW PMS motor developed in-house that helps the bike sprint from 0-40 kmph in 3 seconds. The e-motorcycle gets a 4.4 kWh LFP cell-based battery pack with a range of 187 (IDC) on a single charge. The highlight is the flat charging time of 2 hours on the electric offering without the need for fast-charging technology. The Oben Rorr is priced at ₹1.50 lakh (ex-showroom, after revised FAME II subsidy), which remains unchanged.