Oben Electric, a Bengaluru-based EV startup, has raised INR 40 crore in an extended pre-series A round, bringing its total Pre-Series A fundraising to INR 72 crore (equity & debt). The brand has raised a total fund worth INR 88 crore since inception, which will support the company in increasing production capacity to 100,000 units per year at its 3.5-acre manufacturing facility in Bengaluru and meet its working capital requirements for distribution expansion.
The funding round attracted notable participation from institutional investors like Stride Ventures and Indian Renewable Energy Development Agency (IREDA) and new investors, including Mumbai Angels and other high-net-worth individuals (HNIs). Existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also participated, demonstrating their continued support for Oben Electric in each funding round.
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The EV startup has a distribution network in major Indian cities and plans to meet the demand of 21,000 preorders by scaling up its manufacturing capacity.
Madhumita Agrawal, Founder and CEO, Oben Electric, said, “The additional infusion of funds was raised after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr. We are delighted that the latest infusion of funds will be used to meet our committed delivery timeline that is set for the first week of July.”