Oben Electric, India’s pioneering electric motorcycle manufacturer, has successfully raised ₹50 crores in its Series A funding round. This milestone funding round included investments from prominent entities such as Ambis Holding US, Kuberan Ventures, Karimjee Group (Africa), Mission Vertical (US-based VC), the Sanjeev Saraf (Polyplex) Family Office, the Pravek Kalp Family Office, and existing investors. With this round, Oben Electric’s total equity capital raised has now reached ₹150 crores, marking a significant leap in the company’s growth trajectory.
Strategic Utilization of Funds
Oben Electric plans to channel this funding into:
- Expanding Distribution: Establishing over 100 showrooms and Oben Care service centers across 50 cities in India by FY26.
- Enhancing Product Offerings: Scaling its product lineup to cater to diverse consumer needs.
- International Expansion: Laying the groundwork for strategic entry into global markets.
CEO’s Vision for Disruption in the EV Market
Madhumita Agrawal, Founder and CEO of Oben Electric, shared her enthusiasm:
“This Series A funding marks a pivotal moment in our journey to build a global EV powerhouse. At Oben Electric, our focus is on innovation and independence, enabling us to deliver high-performance EVs that cater to the unique needs of Indian consumers. We’re grateful to our investors for their trust and support. This funding will drive our expansion across India and international markets, positioning Oben Electric as a global leader in electric mobility.”
Karimjee Group’s Perspective on Market Potential
Vinod Rustagi, Group CEO and Managing Director of Karimjee Group (Africa), highlighted the enormous potential of the Indian motorcycle market:
“India is the world’s largest motorcycle market, with ~12 million units sold annually, yet only 1% of these are electric. The premium and mass commuter electric motorcycle segments are ripe for disruption. Oben Electric is well-positioned to lead this transition from ICE to electric motorcycles.”
Key Milestones and Future Plans
- Leadership in Indian Market: With only 1% market penetration in the electric motorcycle segment, Oben Electric aims to drive the EV transition in India’s vast two-wheeler market.
- Series B Funding: The company plans to raise an additional $50 million in its Series B round by mid-2025 to fuel exports and accelerate global expansion.
India’s Growing EV Revolution
India’s transition to electric mobility is gaining momentum, and Oben Electric is poised to capitalize on this shift. With its focus on innovation, customer-centric design, and robust distribution, the company is set to disrupt the market and lead the charge toward sustainable transportation.
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