Electric 2-Wheeler Manufacturer OBEN EV raised $1.5 million in the Seed Round
Bengaluru, 13 December 2021: Indigenous EV startup Oben EV raised 1.5mn USD in a seed round from We Founder Circle and others. Founded by IIT Kharagpur and IIM Bangalore alumni, Husband-Wife Duo Madhumita Agarwal and Dinkar Agarwal, the brand is developing new electric 2-wheelers in-house with indigenously developed components to deliver high-quality products. The seed round investment saw participation from notable investors at We Founder Circle, Rakesh Somani, Co-founder of Life Element, Gaurav Juneja – Serial investor, Eminent Cars, Siddharth Shah, Managing Director, Rajesh Motors, and other prominent angels like Sumeet Pathak, Dr. Milan Modi, veteran technologist Dr. Aloknath.
With its strong R&D, Engineering expertise & multiple Innovations, Oben EV is bringing its first make in India electric bike, which runs for 200 km on a single charge clocking a top speed of 100km/h. It’s the industry-first 100 Percent make in India unit of the electric bike by a homegrown brand. The product has the best balance between providing the longest range at the highest performance in its segment, focusing on style, reliability, and agility. It is being achieved through more than 16 patented innovations ranging across improving product performance, customer experience, and data analytics.
Oben EV team will utilize the newly raised funds to launch their product in the market, accelerate new product development, and expand experience centres as it looks to bolster its expansion plans.
Commenting on the Investment, Gaurav VK Singhvi, Co-Founder, We Founder Circle, said, “EV is at the cusp of the early-adopter phase in India – and we all know that the real opportunity will be in electric two-wheelers. I believe in supporting clean-energy startups with innovation like OBEN EV that will positively impact many aspects – like mass mobility, clean environment, and overall conservation of ecosystem. What we need today is the smooth shift to EV. Oben EV will be one of those startups that will set the correct standards for the EV industry to grow in India.
“We are very excited to raise the seed round. This fund will help us enter the market with the first completely homegrown and indigenously developed performance motorcycle and deliver our first set of vehicles to the customers in the next six months”, says Madhumita Agarwal, Co-founder, Oben EV.
“India’s urban population is rapidly moving in the direction of electrifying mobility. Coupled with additional support from the government, it is set to bolster the growth of a booming electric vehicle market in India. We believe that Oben EV’s innovative design and engineering will bring customers on board and convince them to adopt new technology, and further stimulate and strengthen the EV startup ecosystem in India”, says Neeraj Tyagi, Co-founder & CEO, We Founder Circle.
One-year-old Oben EV is set to launch its first product, the performance electric bike, in March 2022. With the Make in India and Made for India approach, Oben aims to accelerate the adoption of electric vehicles by making them more accessible, affordable, and secure. The startup plans to bring four new homegrown products in various segments over the next two years to become a leader in the E-2 wheeler industry.
