Oyika CEO Jinsi Lee
Singapore-based Oyika, a battery swapping service for electric vehicles, has secured Series B funding, says a TechInAsia report citing Venturecap Insights.
BPIN Investment led the round. BPIN is the investment arm of Thailand’s Banpu Infernegy.
Co-Founded by CEO Jinsi Lee and the team, Oyika works with existing e-motorbike/scooter manufacturers and transforms their internal combustion engine (ICE) models into smart bikes by bundling them with its portable swap batteries, network of swap stations and mobile app.
Also Read: How Oyika helps tackle global warming through its power subscription plan bundled with e-motorbike
The brains behind Oyika are the ones who built Postkid, an online education startup of the early 2000s, which was sold to Mainboard-listed Horizon Education and Technologies. Lee previously worked for the Sunseap Group and championed a 10-megawatt solar farm in Cambodia and a 140-megawatt solar farm in India.
Oyika’s subscription plan is akin to a telecom plan in Singapore; you get a data plan that comes with a mobile phone — you can’t have a mobile phone without a data plan, or a data plan without a mobile phone. A rider with a pay-per-use, prepaid weekly, or postpaid monthly plan can swap his/her depleted battery for a fully-charged one at an Oyika swap station within a minute.
The battery is brand-agnostic and works with most e-motorbike brands and models in Southeast Asia. The battery is Internet of Things-enabled, so it can be monitored remotely for optimal performance and safety. A stolen e-motorbike can be tracked and remotely switched off, effectively making it theft-proof.
In 2021, Oyika raised investment from Yinson Holdings’s green technologies division (YGT).
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