In a groundbreaking milestone for Indonesia’s electric vehicle (EV) sector, MAKA Motors, an Indonesia-based EV startup, has successfully concluded its seed funding round, raising an impressive $37.6 million. Co-led by renowned investors East Ventures, AC Ventures, and South Korea’s SV Investment, this funding marks one of Southeast Asia’s largest seed funding rounds for a hardware startup. MAKA Motors, founded in 2021 by experienced ride-hailing veterans Raditya Wibowo and Arief Fadillah, aims to transform the electric motorcycle industry in Indonesia by addressing unique market needs and offering superior products at competitive prices.
The electric two-wheel vehicle (2W EV) industry in Indonesia is still in its early stages, but the potential for growth is immense. Numerous brands have already introduced their own EV models, and the Indonesian government is actively promoting further support for the sector, including tax rebates and business assistance. These measures will likely boost the adoption of electric motorcycles and contribute to the industry’s expansion.
A Vision for Electric Mobility in Indonesia
MAKA Motors is driven by a clear vision: to accelerate the adoption of electric motorcycles in Indonesia and revolutionize the EV two-wheeler industry. With over 127 million motorbikes, Indonesia stands as the third-largest global market for two-wheeled vehicles. However, the vast majority of these vehicles still rely on gasoline as their fuel source, with only approximately 43,000 registered electric motorcycles in the country. This creates a significant opportunity for electrification, not only contributing to a greener environment but also helping Indonesian riders reduce their daily expenses.Superior Product Offerings
At the core of MAKA Motors’ strategy is its commitment to providing electric motorcycles that perfectly cater to the demands of Indonesian riders. The company places great emphasis on driving range, power, usability, and durability while ensuring competitive pricing compared to conventional bikes. By focusing on these key aspects, MAKA Motors aims to address the unique needs of the Indonesian market and outperform existing players in the EV industry.A Growing EV Market and Government Support
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Investing in Research and Development
Recognizing the importance of innovation, MAKA Motors places a strong focus on research and development (R&D). The company has made significant investments in its engineering team and R&D capabilities, conducting a rigorous in-house process. This approach allows MAKA Motors to retain crucial user insights, control over the supply chain, and potential cost efficiencies. By fostering exceptional hardware engineering capabilities locally, the company aims to lead the market with innovative solutions tailored to Indonesian riders’ needs.Strategic Funding Partners
The successful seed funding round was made possible through collaboration with strategic investors. East Ventures, AC Ventures, and SV Investment led the funding, demonstrating their belief in MAKA Motors’ R&D-first approach and vision. Other prominent investors, including Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners, also participated in the funding round, adding significant strength to the company’s financial position.Future Plans and Product Launch
With the fresh capital infusion, MAKA Motors is well-positioned to scale its operations and accelerate the production of its innovative electric motorcycles. The company’s first mass-market product is currently in development and is scheduled for launch in 2024. In preparation for the launch and to meet the growing demand, MAKA Motors will establish its factory in West Java later this year. The company aims to bring exceptional EV motorcycles to the market, surpassing the expectations of Indonesian riders in terms of driving range, power, usability, durability, and affordability.Conclusion
Maka Motors’ successful $37.6 million seed funding round is a testament to the company’s potential and commitment to driving electric mobility in Indonesia. With a clear vision, superior product offerings, and strategic funding partners, MAKA Motors is poised to lead the EV revolution in the country. By addressing the specific needs of the Indonesian market and investing in cutting-edge research and development, MAKA Motors stands ready to revolutionize the electric motorcycle industry and shape the future of transportation in Indonesia.
