The debt investors in the latest round were Stride Ventures and the Indian Renewable Energy Development Agency (IREDA), who invested a total of $3 million.
Mumbai Angels and other high-net-worth individuals (HNI) were among the new investors. Returning investors included the Kalvani Family Office, US India EV Angels, and We Founder Circle.
The funding will help Oben Electric increase production capacity to 1,00,000 units per year at its 3.5-acre manufacturing facility in Bengaluru, and expand distribution, per a statement.
The company recently opened its first experience centre in HSR Layout, Bengaluru. The deliveries of its performance electric motorcycle — the Oben Rorr — will commence from the first week of July 2023. It has currently clocked 21,000 pre-orders.
“Our distribution will be via dealers. For now, we will have our exclusive dealers selling across 10 cities. The plan is to get to 20 cities and 40 outlets within the first year,” Madhumita Agrawal, founder and CEO, told ET.
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Oben Rorr, backed by 21 patents, has a 10 kW IPMSM (interior permanent magnet synchronous motor, supposedly more powerful and efficient) that’s been developed in-house, which helps accelerate from 0-40 kmph in three seconds, and hit a top speed of 100 kmph. It has a LFP (lithium iron phosphate) battery pack.The company’s research and development roadmap includes the development and testing of a prototype of their second product, set to launch in 2024. Founded in August 2020 by Dinkar Agarwal and Sagar Thakkar, Oben Electric currently has over 70 employees.
“We will be expanding the service, sales, production, and quality teams. Since we are gearing up for the next level, there will be certain additions on the R&D side as well,” Agrawal added.