EV maker Oben Electric raises $6 million in funding to expand nationwide

Electric motorcycle manufacturer Oben Electric has secured Rs 50 crore ($6 million) in a Series A funding round led by a consortium of Indian and international investors, including Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical, Sanjeev Saraf (Polyplex) Family Office, Pravek Kalp Family Office and others.

The round brings Oben Electric’s total equity capital to Rs 150 crore ($18 million), building on its earlier raise of Rs 40 crore ($4.8 million) in June 2023.

Purpose of fundraising

The startup plans to use the fresh capital to extend its distribution network to more than 100 showrooms and establish Oben Care service centers across 50 Indian cities by the 2026 fiscal year.

WHat does Oben Electric do?

Co-founded in 2020 by Madhumita Agrawal, Sagar Thakkar and Dinkar Agrawal, Oben Electric designs and manufactures electric motorcycles and key components such as batteries, motors, vehicle control units and home fast chargers.

Its flagship offering, the “Rorr,” has gained traction in cities like Bengaluru, Delhi, Jaipur, Lucknow, Pune and Kochi, while the newly launched Oben Rorr EZ (Easy)—priced from Rs 89,999—adds to the company’s growing product lineup.

According to Oben Electric, both bikes employ high-performance lithium iron phosphate (LFP) batteries for enhanced durability in extreme weather, and they can draw on a network of more than 75,000 third-party charging stations across over 1,600 cities.

Oben Electric’s 100,000-unit-per-year manufacturing facility in Bengaluru is supported by more than 150 domestic vendors, helping the company maintain stringent production standards.

The vehicles undergo over 200 component and performance tests before hitting the market. Founder and CEO Madhumita Agrawal said the company aims to become a “global EV powerhouse,” adding that Oben Electric plans to raise an additional $50 million in a Series B round by mid-2025.

With India’s two-wheeler market witnessing a fast transition to cleaner mobility, the company expects to accelerate its reach and impact in both domestic and international markets.