Oben Electric has announced that it has raised $4 million as part of its Pre-Series A round of funding led by US India EV Angels LLC, followed by Dholakia Ventures and existing investor We Founder Circle.
Madhumita Agrawal, Founder and CEO, Oben Electric, noted that these funds will be used to fulfil existing orders, ramp up production capacity, and expand the distribution network.
A press release from the company stated that the deliveries of its first product are slated to begin from Q1FY23.
Anirudh Pangarkar, US India EV Angels, said, “We were impressed by the product and its advanced battery technology, giving the company an edge over its competitors.”
Dravya Dholakia of Dholakia Ventures, said, “We believe that after ‘Make in India’, it’s now time for ‘Design in India' for the world’ and Oben Electric is at the forefront.”
In addition to these funds, Oben Electric further intends to $50 million through its upcoming Series A round for further growth.
Earlier, the company raised over $2 million in a seed round in December 2021 from We Founder Circle, GVK Family Office, Fortune 50 PE Fund & CXOs of MNCs.
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