New Delhi, Dec. 18 -- An electric motorcycle brand and an industrials-solutions provider have raised between $3-9 million in separate rounds from various entities who include family offices and a state-government's investment arm.
Oben Electric
Oben Electric, a homegrown electric motorcycle manufacturer, has secured Rs 85 crore ($9.4) in its Pre-Series B round. The investors in the round included family offices of Raj K Soin, Musa Dakri, Ramesh Bhutada and other existing investors.
This follows its Rs 100 crore Series A round that it closed in January 2025.
Oben, founded in August 2020, specialises in designing, developing, and manufacturing performance electric motorcycles and all its critical EV components in-house in India. The company is set to achieve Rs 100 crore of revenue in the current financial year.
It will use the capital to drive Oben Electric's next phase of growth by scaling up its distribution network and increasing brand awareness. Simultaneously, the company will also accelerate product development and launches.
Magma
Industrial solutions company Magma has raised $3 million (around Rs 27 crore) in additional capital from Capria Ventures, Avinya Ventures, Gujarat Government's VC arm GVFL Ltd, and AVNM Ventures.
It has now closed its Series A round at $8 million. It previously announced a $5 million raise in April 2025. The company had secured $3.3 million in seed funding round.
Founded in 2022 by Neal Thakker and headquartered in Ahmedabad, Magma provides solutions to factories across verticals including raw materials supply, green energy, waste management, and logistics.
The capital will be deployed to scale Magma's operations across Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana, strengthen the company's precision manufacturing network; accelerate the growth of TerraMag, its advanced industrial materials brand; and introduce new factory-focused solutions.
Published by HT Digital Content Services with permission from VC Circle.