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EV startup Oben Electric on Tuesday said it has raised Rs 40 crore in an extended pre-series A round and also announced it will start delivering its electric motorcycle Rorr to customers in Bengaluru from next month.
The company has so far secured a total funding of Rs 88 crore, including Rs 72 crore (both in equity and debt) in the pre-Series A round, Oben said in a statement.
The capital infusion will help the company in scaling up its production capacity at the Bengaluru facility to 100,000 units per year as well as meet the working capital requirements for distribution expansion, it said.
The Bengaluru-based EV startup which has a distribution network across major cities in the country, plans to meet the demand of 21,000 pre-orders by scaling up its manufacturing capacity, the company said.
The funding round attracted both Institutional investors such as Stride Ventures and Indian Renewable Energy Development Agency (IREDA), along with new investors including Mumbai Angels and other high-net-worth individuals (HNIs), Oben said.
Besides, existing investors such as Kalvani Family Office, US India EV Angels, and We Founder Circle also participated in the fundraise, it said.
"The additional fund infusion came after meticulously planning the delivery dates and to meet the existing and future customer demand of our product Oben Rorr. The latest infusion of funds will be used to meet our committed delivery timeline that is set for the first week of July," said Madhumita Agrawal, Founder-CEO, Oben Electric.
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