Singapore battery-as-a-service startup raises $10.8m

An Oyika battery swapping station/ Photo credit: Oyika

Singapore-based Oyika, which develops battery charging and swapping infrastructure for EVs, has raised its series B round from Banpu Next – a subsidiary of Thai energy solutions firm Banpu Infinergy (BPIN) and Yinson Venture Capital.

According to VentureCap Insights, which tracks regulatory filings in Singapore, Banpu Next led the round with a US$8.8 million contribution to acquire 588,211 shares. Yinson invested the rest of the amount to purchase 192,069 shares.

Funding details

• Funding amount: $10,800,000
• Lead investors: BPIN Investment
• Other investors: Yinson Venture Capital
• Stage: Series B
• Source

The startup works with electric two-wheeler firms, connecting them to its network of battery charging and swapping stations located in Cambodia, Indonesia, Malaysia, and Thailand. Its services are available via a mobile app, which lets its users know where nearby stations are located and if they have the available capacity.

The new capital will be used to expand Oyika’s network of battery swap stations and boost its battery-as-a-service offerings across Southeast Asia.

In 2021, the company told Tech in Asia that it planned to capture just a 0.5% market share of Southeast Asia’s 250 million motorbikes by 2026.

See also: Indonesia courts Tesla but faces EV roadblocks

More details