Two-wheeler EV Startup Oben Electric has on Monday announced that it has raised an additional $1 million in funding from Krishna Bhupal, Board Member GVK Power & Infra, Shajikumar Devakar, Executive Director IIFL Wealth & other investors.
According to a communication from the company, with $ 1.5 million received in Dec 2021, led by We Founders Circle (WFC), the startup has now been oversubscribed by three folds making it one of the largest seed rounds raised by an electric 2-wheeler startup.
The electric vehicle company founded by IIT Kharagpur & IIM Bangalore Alumni in August 2020 said it will use the capital raised to expand its business capacity, setup a bigger manufacturing infrastructure and accelerate new product development. Besides, it will 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.
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.”
Dinkar Agrawal, Co-Founder, Oben Electric, said, “We have raised a total of $ 2.5 million as a part of our seed funding. The whole process, from designing to manufacturing, is done in-house with Oben’s engineering team and Indian components. We eagerly await the launch of our first product, which is right around the corner.”