MAKA Motors will use the funds to scale up its operations, expand its research and development capabilities and facilities, and expedite its electric motorbikes production.
Heaptalk, Jakarta — Indonesia’s Electric Vehicle (EV) startup MAKA Motors has completed its seed investment worth US$37.6 million (around Rp563 billion), marking one of the largest seed funding rounds for a hardware startup in Southeast Asia.
Multiple leading investors, spanning East Ventures, AC Ventures, and South Korea’s SV Investment, lead this seed round. Concurrently, this automotive startup also gains other strategic investor’s support, including Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP).
The fresh funds raised will enable MAKA Motors to scale its operations, expand its research and development capabilities and facilities, and expedite its electric motorbikes production. The company’s first mass-market product is currently in development and slated for launch in 2024, with its first batch of pilot vehicles ready for deployment this month. MAKA Motors will also create its factory in West Java this year.
“This significant funding validates our vision and mission to surpass the expectations of Indonesian riders with our electric motorbike. We are committed to pushing the boundaries of driving range, power, usability, durability, and affordability in two-wheeled EVs,” affirmed MAKA Motors Founder and CEO Raditya Wibowo.
Furthermore, MAKA company views the archipelago as home to over 127 million motorbikes, occupying the third-largest global market for two-wheeled vehicles. Most of these vehicles rely on gasoline as their fuel source, with a meager count of approximately 43,000 registered electric motorcycles.
Given the staggering annual sales of six to eight million products, MAKA finds the business opportunity in this sector. Moreover, the Company perceived that this measure will contribute to a greener environment and assist Indonesian riders in minimizing daily expenses.
The Founder and Managing Partner at AC Ventures voiced, “We believe in the company’s capacity to innovate and optimize its supply chain. We also have conviction about the team’s deep comprehension of the local market, derived from extensive research and sectoral experience,”
Founded in 2021 by ride-hailing operator veterans Raditya Wibowo and Arief Fadillah, the startup seeks to accelerate the adoption of electric motorcycles in the archipelago and revolutionize the electric motorcycle industry by addressing the unique needs of the Indonesian market.
Since its inception, the EV startup has conducted rigorous in-house research and development, recruiting top-notch team members with extensive experience working with leading automotive companies in Indonesia, Japan, and Germany in collaboration with world-class technical partners and suppliers.
Although Indonesia’s electric two-wheel vehicle (2W EV) industry is still in its infancy, numerous brands have presented their models. At the same time, the government strives to boost further support, including tax rebates and business assistance.
The Managing Partner at SV Investment, David Junghun Bang, notices the industry is rising rapidly, backed by government initiatives and prominent players. Taking into account Indonesian habit in the use of two-wheels vehicle, David believes this EV startup is targeting the right segment. As the partner, David hopes to bridge MAKA Motors with relevant Korean players who can synergistically support the company.
“This startup is committed to sustainable mobility solutions, combining cutting-edge technology with environmental responsibility. With the founders’ experience, execution capabilities, and innovative designs tailored for Indonesian riders, we are confident in their ability to ride the growth of electric mobility and decarbonize transportation in Indonesia,” Partner of East Ventures, Avina Sugiarto, said.
