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Are electric vehicles a big deal in your country? Here in Singapore, they’re certainly on the up. One of the more popular car-sharing services in the country, BlueSG, has an entirely electric fleet, and the government is rolling out more charging stations around the city-state.
It’s no surprise then that EV startups are getting attention from investors and consumers alike. However, it’s still a pretty nascent space, and valuations tend to reflect that.
That’s why when Singapore-based EV firm Scorpio Electric raised over US$6.7 million in January 2023 at a valuation of US$150 million, eyebrows went up. Let’s take a closer look at what’s going on.
Today we look at:
- Scorpio Electric’s brow-raising valuation
- The latest fundraise of a battery-swapping startup in India
- Other newsy highlights such as SeaMoney’s layoffs and Antler’s new partner in Indonesia.
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Singapore-based EV firm Scorpio Electric’s US$150 million valuation has thrown up some question marks for folks in the industry. Here’s the situation:
- Seems a bit odd: The US$150 million figure is striking amid a tech winter when startups across sectors are seeing their valuations trimmed. It’s also strange considering that Scorpio Electric doesn’t have an electric motorcycle that can be tested on the roads yet after five years of operations. Plus, other e-bike makers in Southeast Asia are valued much lower.
- On the flip side: However, some say that Scorpio Electric’s valuation should be seen in context to its parent firm, EuroSports Global (ESG), a distributor of ultra luxury cars. The reasoning here is that the EV firm shouldn’t be seen as a standalone brand but a package deal with ESG, which is listed on the Singapore Exchange.
- Question marks: Given its valuation and the premium price tag on its yet-to-be-launched electric motorcycle, expectations for Scorpio Electric are sky-high, and the firm runs the risk of overpromising.
Read more: The brow-raising $150m valuation of SGX-listed firm’s EV brand
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