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Oben Electric announced it had raised $4 million in its Pre-Series A round led by US India EV Angels LLC, Dholakia Ventures LLC, and an existing investor We Founder Circle.
Madhumita, founder and CEO of Oben Electric, stated that the funds will be used for fulfilling existing orders, increasing production capacity, and expanding distribution networks.
The company said that deliveries of its first product would begin in Q1FY23.
Anirudh Pangarkar of US India EV Angels said that the product impressed him and gave the company an advantage over other companies.
Dravya Dholakia, of Dholakia Ventures, said that “Design in India for the world” is now the time. Oben Electric is the leader.
Oben Electric also plans to raise $50 million in its Series A round to support further growth. Earlier, the company raised more than $2 million in a seed round from We Founder Circle and GVK Family Office in December 2021.