"We Founder Circle" (WFC), an angel network firm, invested $4 million in the pre-series round of Oben Electric. The angel funding round took place in Hyderabad on Nov.30.
Where the firm funded the Original Equipment Manufacturer (OEM) to develop in-house two-wheeler Electric Vehicles (EVs) and Portoloing Angel investors; US India EV Angles LLC and Dholakia Ventures led the total funding.
Previously, WFC has already participated in the pre-seed and seed rounds of Dec. 2022. Oben has already raised more than $2 million in the prior round. The fund was invested by WFC, the managing director of the Fortune 50 PE Fund, GVK Family Office, and CXOs of MNCs.
Also, In the first funding round, the company raised $1 million from GVK Power and Infra, Krishna Bhupal, Shajikumar Devkar, and another investor.
The founder and CEO of WFC, Neeraj Tyagi, said they are participating again in the investing round as Oben's RORR received an overwhelming response from customers.
The founder and Chief of Oben Electric, Madhumita Agrawal, said the entire investment would accelerate manufacturing capacity.
Founded in 2014, the Bengaluru-based company Oben plans to launch its first vehicle, RORR, with extraordinary features. The vehicle claims to have a 200 km range, one of the highest in EV's two-wheeler industry. With a pick of 0-40 kph in just 3 sec, this vehicle can achieve a top speed of 100 kph.
The company's unique selling proposition is the vehicle's range, as the existing players like Revolt and Tork only provide 150- 180 km of distance in a single charge.
To make further progress, Oben is planning to raise another $50 million in its upcoming Series A round, the company reported.
Before this, in the same sector, the WFC had also invested in Kazam. A company that is working on IoT-based charging stations. The company's portfolio is also supported by Zypp, which provides vehicles for B2B purposes. And they have also invested in EVINDIA, which is working on making India's largest EV Community & Social Commerce platform dedicated to EV Industry.