Electric vehicle platform Oben Electric, operated by Oben Electric Vehicles Pvt Ltd, said it has raised $1 million (around Rs 7 crore) from Krishna Bhupal, Board Member of GVK Power & Infra and Shajikumar Devakar, Executive Director IIFL Wealth, along with other investors.
The company said it will deploy the fresh capital to expand its business capacity, set up a manufacturing unit, boost product portfolio, expand experience centres and strengthen its distribution plans.
Oben raised $1.5 million (around Rs 11 crore) in December 2021 in a funding round led by We Founders Circle (WFC).
Founded in 2020 by IIT Kharagpur and IIM Bangalore alumnus Dinkar Agarwal and Madhumita Agarwal, the startup is all set to launch its first product - the performance electric bike - in March. It also plans to launch four new indigenous products in various segments.
“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 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," said Dinkar Agarwal, Co-Founder, Oben Electric.
Oben claims that its first made-in-India electric bike runs for 200 km on a single charge, clocking a top speed of 100 km per hour. It also added to have achieved over 16 patented innovations ranging across improving product performance, customer experience, and data analytics.