As part of its pre-Series A round of funding, Bangalore-based electric motorcycle startup Oben Electric has raised USD 4 million. US India EV Angels LLC, along with Dholakia Ventures and an existing investor, VFounder Circle, led the initiative.
“We are pleased to report that we are now moving towards our next milestone in our ongoing EV journey, while moving towards fulfilling the broader vision. These funds will be used to fulfill existing orders, will be used to increase productivity, and expand our distribution network,” said Ms. Madhumita Agrawal, Founder and CEO, Obin Electric.
Commenting on their current investment, Mr. Anirudh Pangarkar, US India EV Angels said, “We were impressed with the product and its innovative battery technology, which gave the company an edge over its competitors. The product design, Their experience in safety and robustness can be seen. This makes Aubin Electric a tour de force in the EV industry.”
Mr. Droya Dholakia, Dholakia Ventures said, “Oben RORR has a great design with a great ride experience and offers a strong value proposition to the customer in its segment. We believe that after ‘Make in India’ , now is the time to ‘Design in India for the World’ and Obin Electric is at the forefront.
The company has a large order book for its first electric motorcycle, the RORR, which is comparable to the 150cc ICE motorcycle in both the domestic and international markets. It is expected to start shipping in Q1 2023. The company claims that the RORR was built using international standards and is well positioned to enter various global markets in the future. An electric motorbike startup headquartered in Bengaluru, Obin Electric was founded in August 2020.
An organization focused on research and development designs, manufactures and manufactures electric motorcycles in-house with essential EV components. This is made possible by an amazing group of passionate technicians who have a combined experience of 25+ years with electric two-wheelers and their components with an emphasis on “Design in India for the World”. It has a long list of firsts to its credit and has been instrumental in transforming the Indian market for electric two-wheelers. It is leading the country in the use of advanced battery chemistry such as LFP in E2Ws, which is safer, longer lasting, and cleaner than other widely used battery chemistries.