If you have been following us, then you have gathered an idea about how the EV sector has gained traction in recent times and attracted the names of some of the biggest players in the game (such as Amazon). However, it is not only foreign companies that have made the most progress into this rapidly-growing sector, and Indian startups are catching up as well.
OBEN EV, the homegrown EV startup, raised $1.5 million in a seed round from We Founder Circle. The round included the participation of notable investors such as Rakesh Somani (co-founder of Life Element), serial investor Gaurav Juneja, Eminent Cars, Siddharth Shah (Managing Director at Rajesh Motors), as well as prominent angel investors Sumeet Pathak, Dr. Milan Modi, and veteran technologist Dr. Aloknath.
It is mostly in other countries that the EV market has gained traction – it is still in its infancy in India. Still, the market is expected to be around $46Bn by 2026. Coming at a time when the necessity of such technology is steadily growing, EV sales accounted for barely 1.3% of the total vehicle sales in India during 2020-21. It is hoped that this number will go up.
The proceeds from the round will be utilized to launch OBEN EV’s product in the market, accelerate the development of new products, as well as expand experience centers, as it looks to bolster its expansion plans.
The one-year-old OBEN EV has been one out of several Indian startups focussing on this nascent sector and aims to accelerate the adoption of electric vehicles by making them more accessible, affordable, and secure. Founded by Madhumita Agarwal and Dinkar Agarwal, OBEN EV is working on the development of electric 2-wheelers in-house with indigenously developed components to deliver high-quality products. Its electric bike will also be the first one to be 100% made in India and will roll out in March 2022.
“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,” said Madhumita Agarwal, Co-founder, OBEN EV.
Its first electric bike will be able to run 200 km on a single charge at a top speed of 100km/h. OBEN EV has over 16 patented innovations ranging across improving product performance, customer experience, and data analytics. It also plans to bring 4 new products over the next 2 years in various segments as it aims to become a leader in the electric 2-wheeler industry.