The Oben Rorr will be delivered in July 2023, with a capital raise of INR 40 Cr
Bangalore-based electric vehicle (EV) startup Oben Electric has successfully raised Rs 40 crore in an expanded pre-series A funding round, bringing its total pre-series funding to Rs 72 crore (equity and debt). The funds will be used to support the production and supply of Oben Electric’s newly launched electric motorcycle, the Oben Rorr.
This latest funding round brings the company’s total funding since inception to Rs 88 crore. This will allow Oben Electric to expand its capacity to 1,00,000 units per annum at its 3.5-acre Bangalore manufacturing facility and meet the working capital required for sales expansion. Oben Rorr will also use the funds to fulfill orders, expand production capacity, and expand distribution.
Oben Electric has recently set up its first experience center at its HSR layout in Bangalore. Oben Electric plans to start delivering Oben Rorr electric bikes in Bangalore from July 2023. Several major Indian cities are served by the company’s distribution network. It aims to meet 21,000 pre-order demand by expanding its distribution network and manufacturing capacity.
The bike is equipped with an in-house developed 10 kW IPMSM motor for rapid acceleration and 100 km/h top speed. With a 187km certified range, it is the longest electric motorcycle in India. Oben Rorr is equipped with a battery pack based on LFP (Lithium Iron Phosphorus) cell technology. This is unique in its segment with twice as long battery life and 50% better heat resistance. Ninety-five percent of the company’s components are localized at the component level, according to the company’s patent portfolio. In particular, it complies with the latest regulations and safety standards of the Government of India for electric vehicles and batteries. This includes AIS 156 Amendment III Phase II.
Multiple institutional investors participated in the funding round, including Stride Ventures and the Indian Renewable Energy Development Agency (IREDA). In addition, new investors such as Mumbai Angels and Other Wealthy Individuals (HNI) have joined the round. Existing investors such as Kalvani Family Office, US India EV Angels, and We Founders Circle also participated in the funding round. This demonstrates their continued support for Oben Electric. Oben Electric founder and CEO Madhumita Agrawal was thrilled with the funding round and the company’s commitment to delivering Oben Rorr on time. Mumbai Angels CEO Nandini Mansinghka congratulated Oben Electric on its progress in the electric vehicle sector. She praised its contribution to a greener future.
Oben Electric aims to provide an innovative charging experience using innovative technology. This allows customers to charge their Oben Rorr electric motorcycle at home in half the time than other electric two-wheelers on the market. It takes 83 minutes for a typical home charge to reach full capacity, but Rorr can recharge its 4.4 kWh battery at home in just 120 minutes (2 hours).
The company also has a comprehensive R&D roadmap. Above Electric will improve performance, range, and lifespan by shortening charging times and reducing reliance on scarce batteries. This includes developing and testing prototypes for a second product due in 2024. We focus on advances in battery technology to reduce the need for grounding materials.
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