Oben Electric, an electric motorcycle manufacturer, has raised nearly $9.4 million in its pre-Series B funding round from several Indian-American family offices. In another development, B2B industrial solutions provider Magma has secured $8 million in its Series A funding round.
Oben Electric raises $9.4m in pre-Series B
Oben Electric, an electric motorcycle manufacturer, has raised nearly $9.4 million (about Rs 85 crore) in a pre-Series B funding round from several Indian-American family offices, including Raj K Soin, Musa Dakri and Ramesh Bhutada, along with participation from existing investors.
The fresh capital will be used to fuel the company’s next phase of growth, with a focus on expanding its distribution network, strengthening brand visibility, and accelerating new product development and launches, it said in a statement.
Oben Electric expects to achieve Rs 100 crore in revenue in FY26 and reach cost-of-goods-sold (COGS) breakeven by March 2026. The company is targeting EBITDA breakeven by 2027 as it scales its footprint to 150 exclusive showrooms and service centres by March 2026, and 500 showrooms over the next two years.
Currently, Oben Electric operates more than 85 showrooms across 70 cities in over 18 states.
With this round, Oben Electric’s total funding to date has reached Rs 285 crore. The company said it is also in active discussions to raise its Series B round.
Magma closes Series A at $8m
B2B industrial solutions provider Magma has secured a total of $8 million in its Series A funding round, per media reports.
The latest infusion includes $1.2 million from existing backers Capria Ventures and Avinya Ventures, alongside $1.3 million from GVFL, the venture capital arm of the Gujarat Government. AVNM Ventures also participated with a $0.5 million investment, Entrackr reported.
Magma enables factories to access customised raw materials, power their operations with green energy and biomaterial solutions, and manage waste by converting it into recyclable inputs. Since launching in August 2022, Magma claims to have built a diverse client base of over 250 industrial customers across various sectors, including ceramics, industrial chemicals, and packaging.
The company has been operationally profitable since inception and is currently growing at a Rs 250 crore revenue run rate, with a customer base including industrial leaders like Adani, Reliance, Arvind, and more.
