Bengaluru-based electric two-wheeler startup Oben Electric raises funding $Raised Rs 40 crore in extended pre-Series A funding, bringing their total pre-Series A funding to $720 crore (equity and debt). The electric vehicle maker has announced that it will use the new investment to increase the production capacity of Oben Rorr electric motorcycles at its 3.5-acre manufacturing facility in Bengaluru to 100,000 units per year. Deliveries start from the first week of July.
The latest round of investment will also be used to meet working capital needs and expand distribution, Auburn said in a statement. The long-delayed electric motorcycle debuted a year ago and will feature the Tork Kratos R, Hop Oxo, and the upcoming Matter Aera, among others.
Also read: Oben Rorr first ride review: The entry-level e-bike for the daily commute
Commenting on the new investment, Madhumita Agrawal, Founder and CEO of Oben Electric, said: “The additional funding was raised after careful planning of delivery dates to meet existing and future customer demand for our product, Oben Rorr. We are delighted with this latest injection The funds will be used to meet our committed delivery schedule set for the first week of July.”
The company said the latest funding round attracted participants from Stride Ventures and the Indian Renewable Energy Development Agency (IREDA), as well as new investors including Mumbai angels and other high-net-worth individuals (HNIs). Existing investors including Kalvani Family Office, US India EV Angels and We Founder Circle also participated in the latest round.
Auburn Electric now wants to meet customers at its experience centers across India. The company, which opened its first store at HSR Layout in Bengaluru, said it has established a distribution network in major Indian cities and plans to meet the demand of 21,000 pre-orders by expanding its production capacity. The company had 17,000 pre-orders in November.
Also read: Oben Rorr vs Revolt RV400 vs Tork Kratos R: Price, features, range comparison
The Oben Rorr electric motorcycle is completely developed in-house, with 95% of its components using local materials and holds 21 patents. The bike has been updated to meet the latest AIS 156 Amendment Stage 3 battery safety standards. Equipped with an in-house developed 10 kW PMS motor, the electric product helps the bike accelerate from 0 to 40 km/h in 3 seconds. The electric motorcycle is equipped with a 4.4 kWh LFP battery pack and can travel 187 miles (IDC) on a single charge. The highlight is the charging time of the electric product is 2 hours, without the need for fast charging technology.Auburn Roll sells for $Rs 1.5 lakh (ex-showroom, revised FAME II subsidy), unchanged.
First published date: June 27, 2023 at 14:43 pm EST