Aditya Hadi Pratama · · 1 min readChinese e-scooter maker bags $28m from SEA conglomerates, others
Immotor Technology, a China-based electric scooter maker, has raised US$28 million in a series C round led by Thai state-owned company PTT and Petronas subsidiary PIVL, as well as by Utrust fund and Hyperchain Technology. PKSHA Sparx Algorithm Fund and Uone Capital also took part in the round.
Photo credit: Immotor Technology
Founded by Daniel Huang in 2016, Immotor develops products in the electric transportation ecosystem such as electric scooters, battery swap services, and fleet management tools.
The company looks to use the fresh funding for research, product development, and geographical expansion.
Immotor said that it will leverage connections with its two conglomerate investors, PTT and Petronas, to explore the Southeast Asian market. Last year, it launched an electric transportation solution in Thailand.
In addition, the Shenzhen-based firm plans to roll out consumer products such as portable power stations and home energy storage by the third quarter of this year.
Immotor also has an eye on going public, but it has refused to disclose its exact plans until the “proper time.”
See also: These are the most active investors in China’s startups
Editing by Miguel Cordon and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
