Oben Electric raises INR 50 crore in Series A funding • EVreporter

Oben Electric, a Bengaluru based electric motorcycle manufacturer, has announced the closure of its Series A funding round, securing INR 50 crore. The funding round saw participation from Ambis Holding (US), Kuberan Ventures, Karimjee Group (Africa), Mission Vertical (US-based VC), Sanjeev Saraf (Polyplex) Family Office, Pravek Kalp Family Office, and other existing investors. This brings the company’s total equity funding raised so far to INR 150 crore.

The company plans to use the funds to expand its distribution network to more than 100 showrooms across 50 cities in India by FY26 and to increase its product offerings. Currently, Oben Electric operates 20 showrooms across 10 cities and has a manufacturing facility in Jigani, Bangalore, with a production capacity of 100,000 units annually.

Madhumita Agrawal, Founder and CEO of 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.”

According to Vinod Rustagi, Group CEO and Managing Director of Karimjee Group, “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 and General Partner at Mission Vertical Capital, expressed “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’s product lineup includes the recently launched “Rorr EZ,” starting at INR 89,999, with a top speed of 95 km/h and a range of up to 175 km (IDC) across three battery variants. It also offers the “Rorr,” a high-performance electric motorcycle. The company uses Lithium Iron Phosphate (LFP) battery technology, which is noted for its durability in extreme conditions.

Oben Electric designs and manufactures its own motorcycles and key components, such as batteries, motors, vehicle control units, and chargers. It is supported by a supply chain of over 150 vendors and collaborates with ecosystem partners to provide services such as insurance, financing, and roadside assistance.

Looking ahead, Oben Electric plans to expand both its product portfolio and distribution network, including exports. The company is preparing for a Series B funding round to raise USD 50 million by mid-2025.

Also read: Oben Electric delivers first 25 Rorr e-motorcycles in Bengaluru