Indonesian global electric mobility company PT Ilectra Motor Group with its brand ALVA has closed its Series B funding, totalling up to USD50m.
The round was led by Horizons Ventures with participation from new investors HH-CTBC Partnership, L.P. (Foxconn Co-GP Fund), Indika Energy, and Brama One Ventures.
The company intends to use the funds to continue accelerating its product developments and scaling up network expansions in order to serve more consumers all over Indonesia.
In 2021, Ilectra Motor Group initiated to build a lifestyle mobility solution focusing on electric two-wheeler product development and its supporting ecosystem. Utilizing its R&D capability built since the beginning, the company launched its second model of electric motorcycle products, “ALVA Cervo”, in May 2023. This second model, together with “ALVA One”, a model that was launched 12 months ago, will bolster its penetration into the 2-wheeler EV market. Supporting its end-to-end operations, Ilectra Motor Group’s manufacturing facility at Cikarang, West Java, has been operating since the fourth quarter of 2022 with a total capacity of 100,000 units per year. Furthermore, ALVA Experience Center in SCBD, Jakarta, as well as ALVA Studio at Mall Bali Galeria, Bali, are in full operations to support its consumer brand experience, sales and after sales services.
FinSMEs
28/08/2023