The company received $1.5 million in December 2021 led by We Founders Circle (WFC). The startup has now been oversubscribed 3x times making it one of the largest seed rounds raised by an electric 2-wheeler startup, Oben Electric said in a statement.
“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,” Dinkar Agrawal, Co-Founder, Oben Electric said.
The company said it will use the capital to expand their business capacity, set up bigger manufacturing infrastructure, accelerate new product development, expand experience centres, and strengthen their distribution plans.
“We look for people and their capability to create pathbreaking businesses and Oben met the investment criteria of our office,” Bhupal said.
“The electric two-wheeler growth in India is at a very early stage and ripe for disruption, with the government of India playing the role of a catalyst with tax breaks and other incentives. We believe the Oben Electric team has that edge in the business due to their deep IP and patent portfolio of 16 patents with a product that represents what the consumer needs in a 2-wheeler country like the rest of Asia,” he added.
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