Gojek alums’ startup raises $37m to mass produce electric motorcycles

Maka Motors co-founders Arief Fadillah (left) and Raditya Wibowo / Photo credit: Maka Motors

Maka Motors, a two-wheeler electric vehicle startup co-founded by two former Gojek executives, has raised US$37.6 million for its seed funding round.

Notably, the firm was able to raise the amount while it is still in the R&D stage. The company added that the fundraise marks one of the largest seed funding rounds for a hardware startup in Southeast Asia.

With the new funding, Maka Motors looks to bolster its R&D capabilities and further develop its EV production line. It plans to launch its first batch of pilot vehicles this month and roll out its first mass-market model in the second half of 2024.

“We are developing the product from scratch to cater to users in Indonesia based on our experience,” co-founder and CEO Raditya Wibowo said in an interview with Tech in Asia.

Funding details

• Funding amount: $37,600,000
• Lead investors: AC Ventures, SV Investment, East Ventures
• Other investors: Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, M Venture Partners (MVP)
• Stage: Seed

Wibowo added that unlike most other two-wheeler EV companies, Maka Motors conducts its R&D process in-house and locally, which lets it bring costs down and have better control over its supply chain.

The CEO explained that the firm aims to develop electric motorcycles that have a similar design to traditional gasoline-powered vehicles to better meet the needs of Indonesian drivers. He also said that the price range of Maka Motors’ products “will be comparable to gasoline-powered motorcycles.”

According to government data, Indonesia had 125.3 million motorbikes in 2022, a 64% increase from the previous year. As of April 2023, there were over 40,000 electric motorcycles on the country’s roads.

To spur EV adoption, the Indonesian government has been active in providing subsidies and courting investors.

See also: Mapping SEA’s electric vehicle players

More details