Oben raises $4 million in pre-series round, Rorr deliveries begin in Q1 2023
Bengaluru-based electric motorcycle start-up, Oben Electric has announced that the company has raised $4 million (about ₹32.67 crore) as part of its latest Pre-Series A round of funding. The company’s new investors include US India EV Angels LLC, followed by Dholakia Ventures, while existing investor We Founder Circle has also made an additional investment. In addition to the fresh investment, Oben Electric has also announced that the company will begin deliveries of the Rorr electric motorcycle, its maiden offering, from the first quarter of 2023.
Speaking on the new investment, Madhumita Agrawal, Founder and CEO, Oben Electric, said, “We are happy to share that we are now heading towards our next milestone in our ongoing EV journey, whilst moving towards meeting the larger vision. These funds will be used to fulfil existing orders, ramp up production capacity, and expand our distribution network."
Commenting on his current investment, Anirudh Pangarkar, US India EV Angels stated, "We were impressed by the product and its advanced battery technology, giving the company an edge over its competitors. Their hands-on experience can be seen in the design, safety, and robustness of the product. This makes Oben Electric, a tour de force in the EV industry."
Speaking about the performance, Dravya Dholakia, Dholakia Ventures said, “Oben RORR has an excellent design with a great riding experience and makes a strong value proposition for the customer in its segment. We believe that after ‘Make in India’, it’s now time for ‘Design in India for the World’ and Oben Electric is at the forefront."
The Oben Rorr electric motorcycle was launched earlier this year and we brought you a first ride review of the upcoming offering. The 150 cc equivalent motorcycle was promising albeit with its share of teething issues. The company says it has a healthy order book from domestic and export markets alike for the Rorr.
Oben says its ready to take the next step with a finished product, a loaded order book and the e-motorcycle ready for deliveries. The company plans to raise another $50 million through its upcoming Series A round. Oben said the money will be utilised for further growth but did not get into the specifics of allocation. The start-up previously raised $2 million in a seed round in December 2021. This saw the seed funding coming from We Founder Circle (WFC), GVK Family Office, MD of Fortune 50 PE Fund & CXOs of MNCs.