Oben Electric, a burgeoning electric two-wheeler startup, has successfully secured INR  85 crore (approximately $10 million) in a pre-Series B funding round. This investment  aims to bolster its retail presence and support the launch of new products. The funding  round attracted participation from Indian-American family offices in the US, many of  which have robust manufacturing backgrounds, along with contributions from several  existing investors. Notable new backers include Raj K Soin, Musa Dakri, and Ramesh  Bhutada. 

Expanding Retail and Service Network 

The newly acquired funds will primarily facilitate the expansion of Oben Electric’s  distribution and service network throughout India. Co-founder and CEO Madhumita  Agrawal shared that the company aims to establish 150 exclusive showrooms with  dedicated service centres by March 2026, a significant increase from the over 85 stores  currently operating across 18 states. Looking ahead, Oben Electric is targeting nearly  500 stores within the next two years, focusing on strengthening its presence in existing  markets rather than aggressively venturing into new territories. 

Agrawal emphasized that this strategic approach enables the company to maintain high  service quality and operational control. “Instead of overstretching ourselves, we would  rather grow progressively with excellent performance in every state,” she remarked. 

Path to Profitability and New Product Developments 

A crucial goal of this funding round is to achieve break-even on the cost of goods sold  (COGS) by the end of FY26. On the product development front, Oben Electric is gearing  up to enter the mass-market motorcycle segment with its upcoming O100 platform, 

which targets the 100cc equivalent category. The development of this new platform is  on track, with sales anticipated to commence next year. 

Founded in 2020 by Madhumita Agrawal, Dinkar Agrawal, and Sagar Thakkar, the  Bengaluru-based startup currently offers three variants of its Rorr electric motorcycle. It  competes with electric vehicle players like Ola Electric and Revolt Motors, as well as  established two-wheeler manufacturers such as Bajaj Auto and TVS Motor. 

Funding Journey So Far 

Earlier this year, in June, Oben Electric raised an additional INR 50 crore in Series A  funding, bringing the total for that round to INR 100 crore. With this latest pre-Series B  infusion, the company has raised a total of INR 285 crore to date from investors  including Helios Holdings, the Sharda family office, and Ambis Holding. The startup is  now gearing up for a larger Series B round, expected to raise between $20 million and  $40 million following this pre-Series B funding. 

Market Performance and Growth Strategy 

According to VAHAN data, Oben Electric’s sales surged from 630 units in 2024 to 2,828  units in 2025 (up to November), marking an impressive growth of nearly 349%. This  increase has been fueled by the expansion of its retail network and a concentrated  focus on electric motorcycles rather than scooters. 

Agrawal pointed out that in India, motorcycles often serve as essential vehicles for daily  livelihoods, making reliability, durability, and service access far more critical than just  the initial price. “Service quality cannot be compromised because a car breakdown  might have a direct impact on daily earnings,” she stated. 

This philosophy has shaped Oben Electric’s operational model. In its early stages, the  startup operated company-owned stores and service centres in cities like Bengaluru,  Delhi, and Pune to gain valuable insights. As it grew, it transitioned to a dealer-led  model, selectively onboarding dealers who were committed to establishing exclusive  service centres alongside showrooms. The company deliberately avoids third-party  service providers, opting to maintain full accountability for service quality. 

Manufacturing and Revenue Outlook 

Oben Electric manufactures its motorcycles and key EV components in-house,  including LFP battery packs, which grants greater control over quality and costs. The  firm expects its revenue to increase to $12 million (INR 100 crore) in the current fiscal  year from approximately $3 million (INR 25 crore) in FY25, driven by increased sales  volumes and an expanded market presence.