A recent report said that Indonesia’s electric vehicle (EV) market is projected to reach $20 billion by 2029, up from $533 million in 2022. Moreover, as much as half of the overall motorbike market in Southeast Asia could be replaced by electric two-wheelers by 2030, McKinsey associate partner Rahul Gupta said at the G20 summit last year.
Today, an Indonesian electric vehicle maker called Maka Motors said it has raised a $37.6 million seed round, one of Southeast Asia’s biggest seed fundings, to mass produce its two-wheeled EVs, aiming for late 2024. Maka will start deploying its first pilot electric vehicles this month.
The seed money will also enable Maka to continue R&D for its in-house development of EVs, which started last year, as well as to build its factory in West Java, starting later in 2023.
AV Ventures, Korea’s SV Investment and East Ventures co-led the latest capital. Other investors in the round include Northstar Group, Provident, Alfa Crop, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinha …
