Heaptalk, Jakarta — Electric vehicle battery service developer startup Swap Energi reportedly bags the new funding in a Series A round worth US$22 million, approximately Rp341 billion.
As the Alternative.pe reveals, Qiming Venture Partners led this investment round worth US$12 million (around Rp186 billion). On the other hand, multiple strategic investors were also involved in this round, spanning GGV Capital at US$8 million, or equal to Rp124 billion, and Ondine Capital worth US$2 million (around Rp31 billion).
Before securing this latest injection, Swap Energi accomplished Pra-Series A from Ondine Capital and its existing investors, consisting of Kejora-SBI Orbit, Baramulti Group, Yifang, Raksasa Capital, Living Lab Ventures, and New Energy Nexus Indonesia in April 2023.
Established in 2019 by Irwan Tjahja, Swap Energy aims to overcome the main challenge of transmission from petrol-based two-wheeled vehicles to electric-based motorbikes by providing electric motorbike charging infrastructure. To accelerate this objective, Swap Energy proffers three primary services, spanning:
- Provision of Swap Batteries designed with standardization for various types of electric motors.
- Establishment of Swap Stations for exchanging electric batteries.
- The Swap App mobile apps provision for user management.
Hitherto, Swap Energi claimed that the company had established over 1,300 battery exchange centers spread across Java, Sumatra, Bali, Kalimantan, and Sulawesi. The company also cooperated with modern retail in Indonesia, spanning Alfamart, Alfamidi, Shell, BP_AKR, and Circle-K, for the battery exchange infrastructure placement. As is known, Indonesia’s government continues to amplify the electric motorbike conversion program, expecting to reach 150,000 units in 2024.
To accelerate this objective, the CEO of Swap Energi, Irwan Tjahja, revealed that the startup adopts two strategic approaches, including the electric vehicle production devoted to consumers with the purchase or subscription options and the development of critical electric vehicle components, particularly for batteries.
In 2021, Swap Energi also released Smoot as an electric motorbike project. By implementing the Internet of Things (IoT), Smoot’s users can oversee their motorbike status, augment their mileage, and turn off the motorbike remotely.
Following this latest fresh capital completion, Swap Energi has boosted its valuation, attaining US$76 million (around Rp1.17 trillion). This valuation enhances about 64% compared to August’s valuation of US$46.2 million last year.
