EV startup Oben Electric raises $1 million from investors – EQ Mag Pro
Oben Electric, one of India’s most awaited 2-wheeler EV Startup has raised an additional $1 million in funding from Mr. Krishna Bhupal, Board Member GVK Power & Infra, Mr. Shajikumar Devakar, Executive Director IIFL Wealth & other investors.
Having received $1.5 million in Dec 2021 led by We Founders Circle (WFC), the start-up has now been oversubscribed 3x times making it one of the largest seed rounds raised by an electric 2-wheeler startup.
Oben Electric will use the capital raised to expand their business capacity, setup a bigger manufacturing infrastructure, accelerate new product development, expand experience centres, and strengthen their distribution plans, as the foundation to create the platform for the coming period to create value for the business in the ecosystem.
Mr. Krishna Bhupal, said, “the EV ecosystem is at the cusp of the next revolution in automobiles and Oben Electric has the people, skills, technology and product to scale in what is potentially a global market making opportunity. As a philosophy being an angel or early-stage investor, we look for people and their capability to create pathbreaking businesses and Oben met the investment criteria of our office. The electric 2-wheeler growth in India is at a very early stage and ripe for disruption, with the GOI playing the role of a catalyst with tax breaks and other incentives. We believe the Oben Electric team has that edge in the business due to their deep IP and patent portfolio of 16 patents with a product that represents what the consumer needs in a 2-wheeler country like the rest of Asia.”
Elaborating on the funding, Mr. Dinkar Agrawal, Co-Founder, Oben Electric said, “We have raised a total of $2.5 million as a part of our Seed funding. Our products are a proud accomplishment of the Made in India story. The whole process, from designing to manufacturing is done inhouse with Oben’s engineering team and Indian components. We eagerly await the launch of our first product, which is right around the corner.”
The electric two-wheeler market in India is growing at an accelerated pace due to supportive government policies, the growing awareness toward the environment, increasing petrol prices, and stringent emission norms.
Source : PTI
