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EV COMPANY OBEN ELECTRIC INC. INCREASES FUNDING BY RS 40 CR
The pre-Series A investment round for Bengaluru-based OBEN
EV
garnered Rs 40 crore ($4.8 million), increasing the total raised in the round to Rs 72 crore, the company said on Tuesday. Stride Ventures, the Indian Renewable Energy Development Agency (IREDA), and new investors were among the participants in the round. The fund, according to Oben Electric, will be used to expand its distribution system and improve production capacity at its Bengaluru manufacturing site. The money will also be used to promote the launch of Rorr, its first electric motorbike, which is planned to go on sale in the first week of July 2023.Madhumita Agrawal, CEO and co-founder of
Oben Electric
expressed her satisfaction that the most recent infusion of money will be used to fulfil the deadline for our pledged delivery, which is planned for the first week of July.Oben says that the 4.4 kWh battery in Rorr charges in under 120 minutes, as opposed to the 83 minutes per kWh that a typical 20–45 kWh battery at home needs to charge. Compared to conventional lithium-ion batteries, the e-motorcycle uses a lithium ferrous phosphorous (LFP) cell, which Oben claims it created internally and has a 2X longer battery life.
Oben Electric claims to own more than 21 patents for its proprietary technology and EV parts. Oben Electric was founded in 2020 by three entrepreneurs, Sagar Thakkar, Madhumita Agrawal, and Dinkar Agrawal. It mostly produces motorbikes. However, according to the business, it is concentrating on improving battery technology to make it more effective.