INDONESIA-based Maka Motors has raised US$37.6 million in a seed funding round co-led by AC Ventures, East Ventures and South Korea’s SV Investment, the electric vehicle (EV) startup announced on Thursday (Jul 20).

Investors that participated in the round include Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Investment, Beenext, Kinesys Group and M Venture Partners.

Founded in 2021 by two former Gojek transport executives Raditya Wibowo and Arief Fadillah, Maka Motors aims to accelerate the adoption of electric motorcycles in Indonesia, tapping one of the largest two-wheeled vehicle markets.

The startup will use the funds raised to scale its operations, expand its research and development capabilities, as well as boost the production of its electric motorcycles.

Maka Motors’ first mass-market product is in development and slated for launch in 2024, with the first batch of pilot vehicles ready for deployment in July. It will also build its factory in West Java later this year.

Fadillah, who is chief technology officer, said that beyond creating superior vehicles, the startup also aims at “building exceptional hardware engineering capabilities in Indonesia, and bringing our local talents home to join us in our mission”.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL