Oben Electric Secures INR 50 Crore in Series A Funding, Total Equity Raised Reaches INR 150 Crore
Oben Electric has closed its Series A funding round, raising INR 50 crore. The round saw participation from Ambis Holding US, Kuberan Ventures, Karimjee Group from Africa, Mission Vertical (a US-based VC), Sanjeev Saraf (Polyplex) Family Office, Pravek Kalp Family Office, and other existing investors. This brings the company's total equity capital raised to INR 150 crore. India, despite being the world's largest motorcycle market, currently has only 1% of electric motorcycles. The funding highlights growing investor interest in the segment.
The funds will be used to expand Oben Electric's distribution network to over 100 showrooms and Oben Care service centers in 50 cities by FY26. The company also plans to expand its product offerings.
Oben Electric currently sells its e-motorcycle, the “Rorr,” through 20+ stores across 10 cities, including Bengaluru, Delhi, Jaipur, Lucknow, Pune, Kochi, and Thiruvananthapuram. The brand is among the top 10 players in these markets.
Commenting on the fundraise, Madhumita Agrawal, Founder & CEO, Oben Electric, commented, “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 commented “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 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 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."
Oben Electric recently launched Oben Rorr EZ (Easy), priced from INR 89,999, which according to company, is transforming city commute with an impressive acceleration (0-40 km/h in 3.3 seconds), a top speed of 95 km/h and a range of up to 175 km (IDC) across three battery variants.
