New Delhi, Jan 24 (PTI) Electric vehicle start-up Oben Electric on Monday said it has raised USD 1 million (around Rs 7.5 crore) in funding from investors, including GVK Power & Infra Board Member Krishna Bhupal and IIFL Wealth Executive Director Shajikumar Devakar.

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The round follows the USD 1.5 million raised in December 2021 which was led by We Founders Circle (WFC), the company said in a statement.

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Oben Electric said it will use the capital raised to expand its business capacity, set up a bigger manufacturing infrastructure, accelerate new product development, expand experience centres, and strengthen their distribution plans.

Oben Electric Co-Founder Dinkar Agrawal said the whole process of designing to manufacturing of the company's product is done in-house with its engineering team and Indian components. It will soon launch its first product.

Commenting on his investment in the company, Bhupal said the EV ecosystem is at the cusp of the next revolution in automobiles and Oben Electric has the people, skills, technology and product to scale in what is potentially a global market making opportunity.

"As a philosophy being an angel or early-stage investor, we look for people and their capability to create pathbreaking businesses and Oben met the investment criteria of our office," he said.

The electric 2-wheeler growth in India is at a very early stage and ripe for disruption, with the government of India playing the role of a catalyst with tax breaks and other incentives, Bhupal added.

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