Highlights
Oben Electric Secures Rs 50 Crore Funding for Expansion
Oben Electric, an innovative electric motorcycle manufacturer, has successfully raised Rs 50 crore (approximately $6 million) in a Series A funding round. The financial backing comes from various investors, including Ambis Holding US, Kuberan Ventures, Karimjee Group, Mission Vertical, and family offices such as Sanjeev Saraf (Polyplex) and Pravek Kalp, alongside other existing supporters.
This latest funding brings the total equity capital gathered by Oben Electric to Rs 150 crore (around $18 million) so far. In June 2023, the company had previously raised Rs 40 crore (about $4.8 million) during an extended pre-Series A round.
Oben Rorr Series
The flagship product line of Oben Electric is the Rorr series, featuring the newly launched Oben Rorr EZ (Easy). Priced starting at Rs 89,999, the Rorr EZ is tailored for urban commuting, delivering impressive performance with:
– Rapid acceleration from 0 to 40 km/h in just 3.3 seconds.
– A maximum speed of 95 km/h.
– An impressive range of up to 175 km in Indian driving conditions, available in three different battery variants.
Innovative Battery Technology
The utilisation of Lithium Iron Phosphate (LFP) battery technology sets Oben Electric’s motorcycles apart in the competitive market. This innovation is claimed to be a first within India’s electric two-wheeler segment.
Plans for Growth and Development
The newly acquired funds will be utilised for:
- Expanding the distribution network to over 100 showrooms
- Establishing Oben Care service centres across 50 cities in India by FY26
- Enhancing current product offerings
Co-founded in 2020 by Madhumita Agrawal, Sagar Thakkar, and Dinkar Agrawal, Oben Electric is dedicated to designing and manufacturing electric motorcycles along with essential components including batteries, motors, vehicle control units, and home fast chargers. The company’s mission is to contribute to the global electric mobility sector by leveraging advanced technology, a robust distribution network, and a resilient domestic supply chain, thus ensuring regulatory and compliance safety while scaling production.
Product Developments
Oben Electric has made significant progress with its innovative, vertically integrated, and thoroughly tested e-motorcycle, marketed under the brand name “Rorr.” The brand has over 20 retail outlets spread across 10 major cities in India, including:
- Bengaluru
- Delhi
- Jaipur
- Lucknow
- Pune
- Kochi
- Thiruvananthapuram
Recently, the Bengaluru-based firm launched the Oben Rorr EZ (Easy), with a starting price of Rs 89,999. Oben Electric boasts that all its vehicles are equipped with high-performance LFP (Lithium Iron Phosphate) battery technology, ensuring exceptional durability and longevity, even in harsh weather conditions.
Product Testing and Support
Furthermore, Oben Electric states that its e-motorcycles have undergone rigorous testing, evaluated on over 200 parameters, including various components to verify road worthiness. This is further supported by an extensive network of more than 75,000 third-party charging stations available across over 1,600 cities in India. The company has also established partnerships with over 10 ecosystem providers for insurance, financing, and roadside assistance services.