Oben Electric, homegrown electric motorcycle manufacturers, closes its Series A funding round, raising Rs 50 Crores. 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 marking a significant milestone in the company’s growth journey, bringing total equity capital raised by the company to Rs 150 crore till date.
With this funding, the company aims to expand its existing distribution network to over 100 showrooms along with Oben Care service centers across 50 cities in India by FY26, solidifying its leadership in the Indian Electric motorcycle market. Company also plans to utilize these funds to expand its current product offerings.
Commenting on the fundraise, Madhumita Agrawal, Founder and 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 and Managing Director, Karimjee Group, Africa commented “India being world’s largest motorcycle market with ~12Mn units sold last year, giving them 66 per cent market share of all 2-wheeler sales & only 1 per cent 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 and 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 and lead this transition. We believe Oben is ready for growth and will disrupt ICE to EV transition in the E-Motorcycle segment.”
Company aims to expand both its offerings and distribution network including exports for which it plans to raise USD 50 million in Series B by Mid of 2025.
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