Women's Day: Women Founders on Capital Raising & Collective Support

By: WE Staff

Madhumita Agrawal, Founder and CEO, Oben Electric

Madhumita is an entrepreneur with over seven years in the electric vehicle industry, leading sales, marketing, finance, and expansion, previously founding a technology research and consulting firm.

Initially during your journey, did entrepreneurship feel like a “natural” choice or a deviation from expected gender norms?

Entrepreneurship felt less like a deliberate career choice and more like a natural progression of the work I had already been doing in electric mobility. Through my earlier venture, which worked with global EV companies on R&D and intellectual property, I had the opportunity to closely study how advanced batteries, powertrains, and vehicle platforms are engineered at a fundamental level. That exposure made one gap in India’s EV ecosystem very clear, while the market was growing rapidly, much of the industry was still dependent on assembling imported components rather than developing core technology domestically.

At the same time, I observed that although India is fundamentally a motorcycle market, early EV adoption was largely concentrated in scooters because those platforms were easier to deploy with existing imported architectures. Motorcycles demand far more complex engineering in terms of torque delivery, thermal stability, durability, and long lifecycle performance, and this level of indigenous development was largely missing. That realization became the foundation for starting Oben Electric. The goal was not simply to introduce another electric two-wheeler, but to build electric motorcycles with in-house developed technology designed specifically for Indian roads, riders, and climate conditions. In that sense, entrepreneurship did not feel like stepping outside a norm, it felt like the most logical way to solve a problem I understood deeply.

Access to capital can be the make or break for founders. Data suggests that raising capital is considerably tougher for women founders. How do you think funding dynamics differ for women-led startups in India?

Capital allocation often follows familiarity. Historically, the template for high-growth founders in India has been shaped around certain sectors and profiles, which means women building companies in areas like manufacturing, hardware, or deep technology sometimes fall outside those patterns.

In sectors such as electric mobility, where product development cycles are long and capital requirements are significant, investors tend to scrutinize scale potential, risk management, and execution capability very closely. For founders, this can translate into a higher bar of proof before conversations move toward growth and expansion.

However, what ultimately shapes investor confidence are the fundamentals of the business. Clear technology ownership, strong execution capability, disciplined unit economics, and thoughtful contingency planning tend to shift the focus from perception to performance. When those elements are communicated with clarity, the discussion moves beyond identity and toward the long-term strength of the company being built.

How can established women founders/investors support and empower aspiring women founders?

The most meaningful way established founders and investors can support emerging women entrepreneurs is by expanding access. Early-stage founders often struggle not just with capital, but with reaching the right networks, decision-makers, and partners who can accelerate their journey.

Experienced founders who open those doors can significantly shorten that path. Equally important is the visibility of support. When credible founders and investors publicly back women-led ventures, it helps build trust within the ecosystem and signals that these businesses deserve serious attention and scale-oriented capital.

Beyond access, sharing practical insights from their own journeys can be incredibly valuable. Whether it is navigating long development cycles, building resilient teams, or managing uncertainty in emerging industries, these lessons help new founders make better strategic decisions. Over time, when more women are seen building and funding ambitious companies, it gradually reshapes perceptions and encourages the next generation to aim higher.