Electric two-wheeler startup Oben EV on Monday said it has raised USD 1.5 million (over Rs 10 crore) in a seed round from We Founder Circle and others as it plans to launch its first product in the next six months.
The seed round investment saw participation from notable investors at We Founder Circle — a global network of entrepreneurs and strategic investors who invest in early-stage companies.
These include Life Element Co-founder Rakesh Somani, serial investor Gaurav Juneja, Rajesh Motors Managing Director Siddharth Shah besides other prominent angels such as Sumeet Pathak and Dr Milan Modi among others, the company said in a statement.
Oben EV will utilise the newly raised funds to launch their product in the market, accelerate new product development, and expand experience centres, as it looks to bolster its expansion plans, it added.
The company claims it has been developing an electric bike which runs 200 km on a single charge with a top speed of 100km/hr and has over 16 patented innovations ranging across improving product performance, customer experience, and data analytics.
Oben EV Co-founder Madhumita Agarwal said, “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 six months.”
We Founder Circle Co-Founder Gaurav VK Singhvi said EV is at the cusp of the early-adopter phase in India – and the real opportunity will be in electric two-wheelers.
“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,” he added.
The startup plans to bring four new products over the next 2 years in various segments.