Oben Electric, an electric motorcycle manufacturer, has raised ₹50 crore in its Series A funding round. The funding round saw participation from Ambis Holding US, Kuberan Ventures, Karimjee Group from Africa, Mission Vertical-US Based VC, Sanjeev Saraf (Polyplex) Family Office, Pravek Kalp Family Office and other existing investors.
This funding brings the total equity capital raised by the company to ₹150 crore to date.
The funds raised will be used to expand its existing distribution network to 100+ showrooms along with Oben Care service centers across 50 cities in India by FY26. The company also plans to utilize these funds to expand its current product offerings.
Madhumita Agrawal, Founder & CEO, Oben Electric, said, “We are thrilled to close this Series A funding round, marking a pivotal moment in our journey to build a global EV powerhouse. What differentiates Oben Electric is our unwavering commitment to innovation and independence. We’ve built this company from the ground up, without reliance on strategic investors or corporate backing, empowering us to remain agile and focus on what truly matters – delivering high-quality, high-performance EVs that address the unique needs of Indian consumers. We are deeply grateful to our new investors for their confidence in our vision, and to our existing investors for their ongoing support. This funding will fuel our next phase of growth as we expand across India and set our sights on entering strategic international markets, ultimately positioning Oben Electric among the top global players in the electric mobility space.”
Vinod Rustagi, Group CEO & Managing Director, Karimjee Group, Africa said, “India being world’s largest motorcycle market with ~12Mn units sold last year, giving them 66% market share of all 2-wheeler sales & only 1% of them being electric, we think it’s inevitable of ICE motorcycles to transition into electric. Premium & mass commuter electric-motorcycle segment is a blind spot of EV transition with limited to players, primed for disruption. Being present at the right time & place with right capabilities is essential for disruption & growth. Among a handful of EV companies working on motorcycle EV transition, we found Oben Electric best suited to disrupt & lead this transition. We believe Oben is ready for growth & will disrupt ICE to EV transition in the E-Motorcycle segment.”
Jeff Mamera, Founder & General Partner, Mission Vertical Capital said, “We are very excited about the large and quickly growing total addressable market for Oben’s e-motorcycles. Our deep dive into the industry convinced us that this management team has built an excellent intellectual property portfolio, efficient manufacturing and brought in strong talent to execute their go-to-market strategy.”
Founded in 2020 by Madhumita Agrawal, Sagar Thakkar, and Dinkar Agrawal, Oben Electric is an R&D-driven, vertically integrated company that designs & manufactures its own electric motorcycles and key components like batteries, motors, vehicle control units and home fast chargers.
Oben, with a team of 300+ experts, manufactures its motorcycles & components at its fully compliant & operational 100K+ unit capacity manufacturing plant based in Jigani, Bangalore, with a strong domestic supply chain support of 150+ vendors. Oben Electric e-motorcycles have been tested on 200+ parameters (including components) for roadworthiness, supported by 75000+ third-party charging stations across 1600+ cities in India, and 10+ ecosystem partners for insurance, financing & RSA services.
Oben Electric sells under the brand name of “Rorr”, with 20+ stores across 10 cities in India such as Bengaluru, Delhi, Jaipur, Lucknow, Pune, Kochi, and Thiruvananthapuram, positioning it among the Top 10 players in the represented markets.
The company aims to expand both its offerings & distribution network including exports for which it plans to raise $50 million in Series B by Mid of 2025.
