Oben Electric, an Indian electric vehicle (EV) manufacturer, has secured $9.4 million in pre-series B funding. This investment round was led by existing investor, Mr. Madhusudan Reddy, and also saw participation from other prominent investors. The funds raised will be utilized to expand the company’s operations, enhance its product offerings, and strengthen its market presence.
Oben Electric was founded in 2019 with the aim of providing high-quality, affordable electric two-wheelers to the Indian market. The company’s product portfolio includes the Rorr and EV models, which have gained popularity among environmentally conscious consumers. Oben’s electric bikes are designed to offer a range of up to 200 kilometers on a single charge, making them an attractive alternative to traditional petrol-powered vehicles.
The Indian government’s push towards electric mobility has created a favorable environment for EV manufacturers like Oben. The government has set ambitious targets to increase the adoption of electric vehicles, with the aim of having 30% of all new vehicle sales being electric by 2030. This has led to a surge in demand for EVs, and companies like Oben are well-positioned to capitalize on this trend.
The pre-series B funding will enable Oben to accelerate its growth plans, which include expanding its manufacturing capacity, enhancing its research and development capabilities, and strengthening its distribution network. The company plans to use the funds to set up new manufacturing facilities, increase its production capacity, and develop new products to cater to the growing demand for EVs.
Oben’s success has been driven by its focus on quality, affordability, and innovation. The company’s electric bikes are priced competitively, making them accessible to a wide range of consumers. Additionally, Oben’s commitment to sustainability and environmental responsibility has resonated with consumers who are increasingly conscious of their carbon footprint.
The investment in Oben Electric is a testament to the growing interest in the Indian EV sector. The company’s pre-series B funding round demonstrates the confidence of investors in the potential of EV manufacturers to drive growth and innovation in the industry. With the Indian government’s support and the increasing demand for sustainable mobility solutions, Oben Electric is well-positioned to play a significant role in the country’s transition to electric vehicles.