Indonesia's Maka Motors raises $37.5m seed round
East Ventures, AC Ventures, and SV Investment have led a USD 37.6m seed round for Maka Motors, an Indonesian electric vehicle (EV) maker in the R&D phase.
Northstar Group, Provident Capital, Peak XV Partners (formerly known as Sequoia Capital India), and Openspace Ventures also participated. They were joined by Skystar Capital, Shinhan Venture Investment, Beenext, M Venture Partners, Kinesys Group, and AlfaCorp.
Maka aims to produce electric motorcycles that address uniquely Indonesian needs unfilled by existing players. This means combining strengths in driving range, power, usability, and durability at competitive price points compared to current bikes.
Indonesia is the third-largest global market for two-wheeled vehicles with some 127m motorbikes on the road, although only about 43,000 of these are registered EVs. Maka frames the opportunity not only in terms of this under-penetration but also in the idea that electrification helps local riders reduce their daily fuel expenses.
The company claims to have hired experts from leading automotive companies in Indonesia, Japan, and Germany. It will use the new funding to expand R&D capabilities and facilities, as well as accelerate EV production. The first mass-market product is in development and slated for launch in 2024. A factory in West Java is set to open later this year.
“The EV sector is still at a very early stage in Indonesia, but we see the sector rising very rapidly in the near future backed by government initiatives and prominent players like Maka Motors. Especially with Indonesia’s high usage of two-wheelers, we believe the Maka team is targeting the right segment of EV at the right timing,” David Junghun Bang, a managing partner at SV, said in a statement.
“Also, Korea is an advanced market in terms of EV technology, with numerous start-ups and conglomerates developing batteries, motors, etcetera. As a strategic partner, we hope to bridge Maka Motors with relevant Korean players who can be of synergistic support for the company.”
More on Southeast Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.