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Indonesian electric two-wheelers start-up bags $37.6M for seed funding
Indonesian electric vehicle producer MAKA Motors received a sum of US$37.6 million in seed funding co-led by AC Ventures, East Ventures and South Korean venture capital firm SV Investment.
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MAKA Motors founders Arief Fadillah (left) and Raditya Wibowo (right) pose in front of the camera in an undated photo. (Courtesy of MAKA Motors/-)
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omegrown electric vehicle (EV) start-up MAKA Motors received a sum of US$37.6 million in seed funding co-led by AC Ventures, East Ventures and South Korean venture capital (VC) firm SV Investment.
The company earmarked the fund for scaling up its operation, expanding its research and development (R&D) as well as accelerating its electric two-wheeler production.
MAKA Motors founder and CEO Raditya Wibowo said on Thursday, the start-up aims to conduct its R&D within the company as opposed to outsourcing them like other EV firms.
He argued this could help the company mitigate the risk of missing out on crucial user insights and potential cost efficiencies. This includes allowing them to maintain control over their supply chain.
“We are excited to partner with those who understand and support our R&D-first approach in our endeavors,” MAKA Motors founder and CEO Raditya Wibowo said in a statement on Thursday.
The statement detailed that the company’s first product is currently in development and scheduled for market launch next year. Its first batch of electric two-wheelers, however, is expected to be ready for deployment this month.
MAKA Motors is also planning to channel the funds for a factory in West Java, scheduled for ground-breaking later this year.
