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 funding will be used to accelerate Ilectra Motor Group’s growth in Indonesia and Southeast Asia.
The company plans to use the funds to expand its production capacity, develop new products, and build a nationwide charging network.Ilectra Motor Group is a leading electric motorbike company in Indonesia.
The company was founded in 2019 and has since become one of the largest electric motorbike manufacturers in the country. Ilectra Motor Group’s motorbikes are known for their high quality and affordable price.
The investment from Horizons Ventures and the Foxconn Co-GP Fund is a sign of confidence in Ilectra Motor Group’s business model and growth potential.
The investment will help Ilectra Motor Group to expand its business and become a leading electric motorbike company in Southeast Asia.Here are some additional details about the funding round:
- The round was valued at US$100 million.
- The investment will be used to expand production capacity, develop new products, and build a nationwide charging network.
- Ilectra Motor Group plans to launch five new electric motorbike models in Indonesia by 2024.
- The company also plans to build a new electric motorbike manufacturing plant in Indonesia with a capacity of 250,000 vehicles per year.
- Ilectra Motor Group plans to build a nationwide electric motorbike charging network with 10,000 chargers by 2025.
The investment in Ilectra Motor Group is a significant vote of confidence in the Indonesian electric motorbike industry. It is a sign that investors are willing to commit significant capital to Indonesian electric motorbike companies with strong growth potential.
