India, Dec. 18 -- Electric bike maker Oben Electric has raised INR 85 Cr (about $10 Mn) in its pre-Series B funding round from Indian-American family offices based in the US, largely with manufacturing backgrounds, and some existing investors. Raj K Soin, Musa Dakri and Ramesh Bhutada were among the new investors.

The startup will use the capital to scale its distribution network and for new product launches. Cofounder and CEO Madhumita Agrawal told Inc42 that Oben Electric plans to have 150 exclusive stores with service centres by March 2026. The EV maker currently operates over 85 exclusive stores across 18 states.

Over the next two years, the startup is targeting close to 500 stores. Agrawal said the focus is on going deeper in exist...