MAKA Motors, an EV startup based in Indonesia, made an exciting announcement today. The company successfully secured a substantial seed funding round of US$37.6 million. This funding is said to be one of the largest Seed Funding in Southeast Asia for hardware startups.
The round was co-led by AC Ventures, East Ventures, and South Korea’s SV Investment. This deal marks one of Southeast Asia’s largest seed funding rounds to date for a hardware startup. Other participating, strategic investors included Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and Southeast Asia), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners.
Founded in 2021 by ride-hailing veterans Raditya Wibowo and Arief Fadillah, MAKA Motors seeks to accelerate the adoption of electric motorcycles in Indonesia. The company wants to change the electric two-wheeler industry in Indonesia and meet the specific needs of the market that have not been fully addressed by current companies. Our company aims to offer Indonesian riders EV motorcycles that have an ideal combination of driving range, power, usability, and durability at competitive prices compared to current bikes.
Recognizing the immense potential and the increasing competition in the sector, MAKA Motors places the utmost importance on research and development. The company has heavily invested in its engineering team and R&D capabilities, fostering a strong commitment to innovation. This dedication enables MAKA Motors to produce superior products that outperform competitors, while also ensuring a streamlined cost structure.
MAKA Motors is very focused on the R&D process
MAKA Motors Co-founder and CEO Raditya Wibowo said he is excited to partner with those who understand and support our R&D-first approach in our endeavors. By doing our R&D internally and locally, MAKA avoids the issues that other EV two-wheeler companies face when they outsource their R&D. “This way, we don’t miss out on important user feedback, we have control over our supply chain, and we can save costs. Eventually, we aim to lead the market with innovative solutions that meet the unique needs of Indonesian riders,” he said.
The funding we received not only supports our vision but also helps us fulfill our mission to exceed the expectations of Indonesian riders with our electric motorcycles. “We are committed to pushing the boundaries of driving range, power, usability, durability, and affordability in the realm of two-wheeled electric vehicles,” he added.
Co-founder and CTO Arief Fadillah said that they have conducted thorough in-house research and development, and they have recruited experienced team members who have worked with top automotive companies in Indonesia, Japan, and Germany. They have also collaborated with world-class technical partners and suppliers.We want to build excellent engineering capabilities in Indonesia and bring talented local professionals to join us in our mission, in addition to creating great vehicles.
Enter the Mass Market in 2024
MAKA Motors will use the new funding to grow its operations, enhance research and development, and speed up production of its electric motorcycles. The company is working on its first product for the mass market, which will be launched in 2024. The first batch of pilot vehicles will be ready for use this month. MAKA Motors will also build its factory in West Java starting later this year.
Michael Soerijadji, Founder and Managing Partner at AC Ventures, said, “ACV is excited to invest in and partner with MAKA Motors, a game-changer in one of the largest two-wheeler markets in the world. We believe in the company’s capacity to innovate and optimize its supply chain. We also have conviction about the team’s deep understanding of the local market, derived from extensive research and sectoral experience. Together with Raditya, Arief, and their team, we aim to champion the transition toward sustainable mobility in Indonesia.”
“We are excited to support MAKA Motors on the journey to revolutionize the automotive industry. We believe MAKA Motors exemplifies a commitment to sustainable mobility solutions, combining cutting-edge technology with environmental responsibility. Avina Sugiarto, a partner at East Ventures, expressed confidence in Raditya and Arief’s ability to promote electric mobility and reduce carbon emissions in Indonesia.
David Junghun Bang, Managing Partner at SV Investment, said, “At SV Investment, we are seeing great potential in Southeast Asia as one of the fastest growing and most dynamic markets globally, and we believe Indonesia is leading that growth as the largest economy in the region. The EV sector is still at a very early stage in Indonesia, but we see the sector rising very rapidly in the near future backed by government initiatives and prominent players like MAKA Motors. Especially with Indonesia’s high usage of two-wheelers, we believe the MAKA team is targeting the right segment of EVs at the right time. Also, Korea is an advanced market in terms of EV technology, with numerous startups and conglomerates developing batteries, motors, and more. As a strategic partner, we hope to bridge MAKA Motors with relevant Korean players who can be of synergistic support for the company.”
