Foxconn fund backs Indonesia EV company’s $50m series B

Photo credit: Alva

Indonesian e-motorbike company Ilectra Motor Group, which manufactures the Alva brand, has raised US$50 million in a series B funding round led by Horizons Ventures and joined by the Foxconn Co-GP Fund.

The funds will be used to speed up network expansion in Indonesia and product development of the Alva.

Funding details

• Funding amount: US$50 million
• Lead investors: Horizons Ventures
• Other investors: Brama One Ventures (BOV), Foxconn Co-GP Fund
• Stage: Series B
• Source

Ilectra Motor Group is a joint venture between Indonesian energy company Indika Energy, Alpha JWC Ventures, and Horizons Ventures. The company was established in 2022 to provide lifestyle mobility solutions, focusing on electric two-wheelers.

The firm has launched two models of electric motorcycles under the Alva brand so far. It has a manufacturing facility in Cikarang, West Java, with a capacity of 100,000 units per year. The company also operates two experience centers in Jakarta and Bali to support its customer service operations.

Indonesia is big on electric motorcycles. The country has set aside around US$112 million to subsidize battery-powered electric vehicles. This subsidy program covers 250,000 electric bikes.

The country is also eyeing to produce more than 2.4 million electric motorcycles by 2030.

See also: Mapping SEA’s electric vehicle players

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