(L-R) MAKA Motors Co-Founders Raditya Wibowo and Arief Fadillah
Indonesia-based electric vehicle (EV) startup MAKA Motors has completed its seed funding round, raising a massive US$37.6 million, co-led by AC Ventures, East Ventures, and South Korea’s SV Investment.
Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP) also joined.
The funds will enable MAKA Motors to scale its operations, expand its R&D capabilities and facilities, and accelerate production.
Founded in 2021 by Gojek’s former Chief Transport Officer Raditya Wibowo and former VP of Transport Business Development Arief Fadillah, MAKA Motors aims to provide electric motorcycles that offer the perfect blend of driving range, power, usability, and durability at competitive pricing.
Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO
The company’s first mass-market product is currently in development and slated for launch in 2024, with its first batch of pilot vehicles ready for deployment this month.
MAKA Motors will also build its factory in West Java starting later this year.
“By conducting our R&D process in-house and locally, we address the limitations faced by many current 2-wheeler EV companies which outsource their R&D and end up missing out on crucial user insights, control over their supply chain, and potential cost efficiencies. Eventually, we aim to lead the market with innovative solutions that meet the unique needs of Indonesian riders,” said MAKA Motors Founder and CEO Wibowo.
“Since the beginning we have conducted a rigorous in-house research and development process, recruiting top-notch team members with extensive experience working with leading automotive companies in Indonesia, Japan, and Germany in collaboration with world-class technical partners and suppliers. Beyond creating superior vehicles, we dream of building exceptional hardware engineering capabilities in Indonesia and bringing our brilliant local talents home to join us in our mission,” added Co-Founder and CTO Officer Fadillah.
Early this year, Singapore-based smart e-motorcycle firm ION Mobility secured US$18.7 million in a Series A financing round led by India’s two-wheeler major TVS Motors. It is currently focused on the Indonesian market and soft-launched its first model, M1-S, in Jakarta last November.
In Jakarta, ION is setting up a factory which can produce up to 50,000 M1-S per year in the first phase.
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