Indonesia's EV Startup MAKA Motors Raises $37 Million its Seed Funding Round

MAKA Motors, an electric vehicle (EV) startup based in Indonesia, announced the successful completion of its seed funding round on Thursday, raising $37.6 million. According to MAKA Motors, the funding round was co-led by AC Ventures, South Korean investor SV Investment, and East Ventures.

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) have also participated in the funding round.

The funds raised in this seed round, according to the statement, will allow MAKA Motors to scale its operations, expand its research and development capabilities and facilities, and accelerate the production of its innovative electric motorcycles.

The company's first mass-market product is currently in development and is scheduled to be released in 2024, with the first batch of pilot vehicles ready for deployment this month.

MAKA Motors will also begin construction on a factory in West Java later this year.

"By conducting our research and development (R&D) process in-house and locally, we address the limitations faced by many current 2W EV companies that outsource their R&D and lose out on critical user insights, supply chain control, and potential cost efficiencies."

"Ultimately, we hope to lead the market with innovative solutions that address the unique needs of Indonesian riders," said MAKA Motors Founder and CEO Raditya Wibowo.