Bengaluru-based electric two-wheeler manufacturing startup, Oben EV has raised $1.5 million in series seed round funding led by We Founder Circle.
The round saw participation from We Founder Circle’s investors including Rakesh Somani (Co-founder of Life Element), Gaurav Juneja (Serial investor, Eminent Cars), Siddharth Shah (Managing Director, Rajesh Motors), and from other angel investors including Sumeet Pathak, Dr. Milan Modi, and Dr. Aloknath.
Founded by IIT Kharagpur and IIM Bangalore alumni, Madhumita Agarwal and Dinkar Agarwal, the brand is developing new electric 2-wheelers in-house with indigenously developed components to deliver high-quality products.
“Oben EV team will utilize the newly raised funds to launch their product in the market, accelerate new product development, and expand experience centers, as it looks to bolster its expansion plans,” the statement said.
Speaking on the Investment, Gaurav VK Singhvi, Co-Founder of We Founder Circle said, “I believe in supporting clean-energy startups with innovations like OBEN EV that will create a positive impact on many aspects – like mass mobility, clean environment, and overall conservation of ecosystem. What we need today is the smooth shift to EV. Oben EV will be one of those start-ups that will set the right standards for the EV industry to grow in India.”
“India’s urban population is rapidly moving in the direction of electrifying mobility. This coupled with additional support from the government is set to bolster the growth of a booming electric vehicle market in India. We believe that Oben EV’s innovative design and engineering will not just bring customers on board and convince them to adopt new technology but will further stimulate and strengthen the EV startup ecosystem in India”, Neeraj Tyagi, Co-founder & CEO, We Founder Circle added.
Speaking on the fundraise, Madhumita Agarwal, Co-founder of Oben EV added, “We are very excited to raise the seed round as this fund will help us enter the market with the first completely homegrown and indigenously developed performance motorcycle and deliver our first set of vehicles to the customers in the next 6 months.”