Bengaluru-based electric vehicle (EV) startup, Oben Electric, announced that it has successfully raised Rs 40 crore in an extended pre-Series A funding round. With this latest funding, the company’s total funding now stands at Rs 88 crore. The funds will be utilized to enhance the production capacity of its Bengaluru facility and meet the working capital requirements for distribution expansion.

Oben Electric is set to commence deliveries of its electric motorcycle, Rorr, to customers in Bengaluru starting next month. The company aims to fulfill the demand of 21,000 pre-orders by scaling up its manufacturing capacity. The capital infusion will play a crucial role in scaling up production to 100,000 units per year, allowing Oben Electric to meet the increasing market demand.

The funding round attracted participation from various investors, including institutional investors like Stride Ventures and the Indian Renewable Energy Development Agency (IREDA). New investors, including Mumbai Angels and other high-net-worth individuals (HNIs), also contributed to the funding. Existing investors, such as Kalvani Family Office, US India EV Angels, and We Founder Circle, participated in the round as well.

Madhumita Agrawal, Founder and CEO of Oben Electric, expressed enthusiasm about the funding and its impact on meeting customer demands. She stated, “The additional fund infusion came after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr. The latest infusion of funds will be used to meet our committed delivery timeline that is set for the first week of July.”

Oben Electric aims to play a significant role in the rapidly expanding EV market in India. With the support of its investors and the increase in production capacity, the company is well-positioned to contribute to the country’s sustainable transportation ecosystem.