The EV takeover just got hotter! MAKA Motors, an Indonesian startup manufacturing electric motorcycles just raised a $37.6M seed. 

• The $$$ will help them mass produce their two-wheeled EVs by 2024! 
• Watch out. They’ll start deploying their pilot EVs this month. 👀

Investor check. AC Ventures, Korea’s SV Investment, and East Ventures co-led the round. 

• Northstar Group, Provident, Alfa Crop, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Investment, Beenext, Kinesys, and M Venture Partners also joined in!

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👁️ Bird’s eye view

Indonesia has one of the highest levels of motorcycle use in SEA—71% of the population use them to get around!

Lots of folks use private vehicles in Indonesia (and that comes with high greenhouse gas emissions). Their government is currently trying to be a leader in the EV space. 

Tech players are trying to ride the wave too!

• Gojek has said they’ll shift their 100% of their car and motorcycles to EVs by 2030.
• Last year, Grab Indonesia said they’ll operate 8,500 EVs by 2023.  

Scoop fact. In Indonesia, EVs are classified as any vehicle that is partially or fully powered by battery. 

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🏍️ Gear shift

For MAKA Motors though, EV adoption can’t come soon enough. Mass producing electric motors is their answer! 

• Going green. Aside from having a cleaner ride, their EV can also help locals save $$$ on gas with its driving range, power, usability, and durability. 

The future? They’ll scale operations and double down on their R&D. Oh, and they’ll also build a factory in West Java later this year.