Oben Electric raises Rs 85 crore in pre-Series B round to fund retail expansion, product launches

funding

Bengaluru-based electric motorcycle maker Oben Electric has raised Rs 85 crore in a pre-Series B round from Indian-American family offices and existing investors, as the company prepares to scale retail presence and advance new product launches amid intensifying competition in India’s electric two-wheeler market.

The round saw participation from investors including Raj K Soin, Musa Dakri and Ramesh Bhutada. With this infusion, Oben Electric’s total funding to date stands at Rs 285 crore. The company said it is in discussions to raise a Series B round.

Raj K Soin is the founder of Ohio-based Soin International and the former chairman and chief executive of US technology firm MTC Technologies, while Musa Dakri is the founder and chairman of Wallis Bank in the US. Ramesh Bhutada is the founder of Star Pipe Products, a US-based manufacturer of ductile iron pipes and fittings.

Oben plans to use the capital to expand its national retail footprint and accelerate product development. The company currently operates over 85 showrooms across more than 70 cities and 18 states, and is targeting 150 exclusive showrooms and service centres by March 2026, with a longer-term plan to scale to 500 outlets over the next two years.

“Our immediate priorities with this funding are expansion, achieving COGS break-even at scale, and launching the 100 platform product. In an automotive business like ours, reaching COGS break-even at this scale will be a first-of-its-kind milestone.”  founder and chief executive Madhumita Agrawal told Moneycontrol. 

Oben said it is targeting Rs 100 crore in revenue in FY26, plans to reach cost-of-goods-sold (COGS) break-even by March 2026, and aims for EBITDA break-even by 2027.

“This funding gives us visibility to achieve COGS break-even by March 2026,” Agrawal said, adding that the company is aligning expansion with dealer viability and operational efficiency.

Earlier this year, Oben launched the Rorr EZ Sigma, a city-focused electric motorcycle. The company has also expanded sales to e-commerce platforms such as Amazon and Flipkart.

Founded in 2020, Oben Electric designs and manufactures key EV components in-house at its Bengaluru facility, which has an annual capacity of 1 lakh units.

“We have the highest level of vertical integration among EV players selling in the market today, batteries, motors, displays and chargers are all done in-house. That margin flows directly into our books and is a key reason we have visibility on profitability," Agrawal added.