AC Ventures, East Ventures, and South Korea’s SV Investment lead the seed funding seed funding startup electric motorbike MAKA Motors US$ 37.6 million or around Rp 563 billion.
The investment is claimed to be one of the largest initial funding in Southeast Asia for startup hardware or software.
Other investors participating in the funding include Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners previously known as Sequoia India and Southeast Asia, Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP). ).
“Unlike most competitors, MAKA Motors carries out a thorough research and development process in-house and locally, so that they have control over the supply chain, user insight to cost efficiency,” said MAKA Motors Founder and Chief Executive Officer Raditya Wibowo in a press statement, Thursday (20/7).
Electric notator startup MAKA Motors will use the fresh funds to:
Expanding and continuing operations Research facilities Research development to accelerate the production of innovative electric motorcycles MAKA Motors’ first mass product is currently in the pilot project stage aka pilot project. The electric motorbike will be ready to be launched next year. MAKA Motors will also build a factory in West Java starting later this year.
MAKA Motors Co-Founder and Chief Technology Officer Arief Fadillah said that since its inception, the company has been very focused on the internal research and development process, from recruiting talent to working with engineering partner and supplier world class.
“Apart from making superior electric motorbikes, we dream of increasing the capabilities of Indonesian human resources in the field of R&D and automotive manufacturing,” said Arief. The trick is to invite local Indonesian talents around the world to return to building the nation through MAKA Motors.
MAKA Motors was founded in 2021 by former Gojek officials, Raditya Wibowo and Arief Fadillah. Both of them have been riding motorcycles since they were in school.
The two founders saw an unanswered opportunity in the electric motorcycle sector in Indonesia, namely products that are competitive with petrol motorbikes in terms of mileage, power, features, durability, and selling price.
Responding to this opportunity, MAKA Motors has focused on research and development for the last two years. Huge investment was made in team building and R&D process to ensure MAKA Motors creates the best product with efficient cost structure.
AC Ventures Founder and Managing Partner Michael Soerijadji is excited to invest in and partner with MAKA Motors, a game-changer in one of the world’s largest two-wheeler markets.
“We believe in a company’s ability to innovate and optimize its supply chain,” he said. In addition, ACV is confident in the MAKA Motors team’s deep understanding of the local market, stemming from their extensive research and sectoral experience.
“Together with Raditya, Arief and their team, we will continue to fight for the transition to sustainable mobility in Indonesia,” he said.
East Ventures Partner Avina Sugiarto stated that EV is enthusiastic about supporting MAKA Motors in revolutionizing the automotive industry. “We believe MAKA Motors is demonstrating its commitment to sustainable mobility solutions by combining cutting-edge technology and environmental responsibility,” he said.
Managing Partner at SV Investment David Junghun Bang added, the potential for the Southeast Asian market is huge. “We are confident that Indonesia will lead this growth as the largest economy in the region,” he said.
In addition, the electric vehicle sector is still at a very early stage in Indonesia. However, SV Investment sees this sector will grow rapidly in the near future, supported by government initiatives and leading players such as MAKA Motors.
“Especially with the high use of motorcycles in Indonesia, we believe the MAKA team is targeting the right EV segment at the right time,” he said.
In addition, he said Korea is an advanced market in terms of electric vehicle technology, with many startups and conglomerates developing batteries and motors. As a strategic partner, David hopes to bridge MAKA Motors with relevant Korean players who can become synergistic support for the company.
2023-07-20 04:57:00
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