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Horizons Ventures leads IMG’s Series B investment round along with HH-CTBC Partnership, L.P. (Foxconn Co-GP Fund) and Indika Energy as the largest investors

JAKARTA, 21 August 2023 – PT Ilectra Motor Group (IMG or ALVA) with its brand ALVA has finalized its Series B fund raise, totalling up to USD50 million. The round which included all previous investors, is led by Horizons Ventures. New investors include HH-CTBC Partnership, L.P. (Foxconn Co-GP Fund), which together with Horizon Ventures and Indika Energy, form the largest investors of IMG to date. New investors other than Foxconn Co-GP fund include Brama One Ventures. Proceeds from the Series B funding will be used to continue accelerating ALVA’s product developments and scaling up network expansions in order to serve more consumers all over Indonesia. 

ALVA envisions itself to become a global electric mobility champion and reshape sustainability. IMG was initiated in 2021 to build a lifestyle mobility solution focusing not only on electric two-wheeler product development but also its supporting ecosystem, which is very much still nascent.  Utilizing its R&D capability built since the beginning, IMG 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 IMG’s penetration into the 2-wheeler EV market. With these models, ALVA has achieved a leading position in the premium E2W market in Indonesia. Supporting its end-to-end operations, IMG’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.

Indonesia is a fertile market with a large potential for electric two-wheel (E2W) vehicles. The country currently holds the highest two-wheelers ownership penetration in the world (around 42%, based on the number of vehicles owned per 100 population) and is the third-largest market for two-wheelers with approximately 6 million motorcycles sold annually. The E2W market is projected to grow rapidly as prices are comparable to existing non-E2W products with much lower operational costs, supported by the government’s active role in pushing for electrification, providing infrastructure and promoting conversion into E2W products. Seeing the big potential, IMG sets a big target to become a leading two-wheel electric vehicle player in Indonesia.

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ALVA strives to provide high-quality products tailored for Indonesian consumers in all aspects of urban transport including performance, battery range, and safety. Since day one, we have mapped out customers’ various need and translated them in our product developments and services. We also adopt the latest EV technologies, integrating them into our electric motorcycle products and our digital “My Alva” app which became an integral part of our value propositions in delivering unique user experience. For these reasons, our two models have been well received by the market. We continue to set the standard for E2W through our strong R&D and domestic market insights, while at the same time improve and re-define customer experiences (CX) as we expand our coverage to the whole of Java and Bali in 2023.

Purbaja Pantja, President Director and CEO of IMG

Indonesia has enormous potential in the development of electric vehicles. We look forward to continuously innovating and developing ALVA, as well as expanding its market across Indonesia. Indika Energy is excited to team up with exceptional partners including Horizons Ventures, HH-CTBC Partnership, L.P. (Foxconn Co-GP Fund), Alpha JWC Ventures, and Brama One Ventures to support our objective of providing a comprehensive EV ecosystem in Indonesia.

Azis Armand, Vice President Director and Group CEO at Indika Energy

We are thrilled to announce our collaboration with ALVA, an EV two-wheeler made in Indonesia for Indonesians. It’s our privilege to be part of ALVA’s mission, taking a significant stride towards a more sustainable future for Indonesia through the adoption of an intelligent and cleaner EV ecosystem. ALVA’s two-wheeler product exemplifies a seamless integration of technology and scalability, which will be the crux to revolutionize daily urban commuting.

Frances Kang from Horizons Ventures

Indonesia has committed to achieving ambitious net-zero emissions objectives. Indika Group plays an important role in supporting Indonesia’s green transformation and bolstering its standing on the international stage. With the delivery of superior E2W products which could only happen with strong market insights and the dedication to improve customer satisfaction through seamless end-to-end CX, we firmly believe that ALVA will fully capitalize on the extensive market potential in Indonesia. Together, we can foster a more sustainable environment and transform the 2W industry at full speed and in a significant way.

James Tu, Chief Investment Officer at Foxconn


PT Indika Energy Tbk. (Indika Energy) is Indonesia’s leading diversified investment company with key focus on developing new sustainable businesses through its strategic investments in the areas of Energy – coal production (PT Kideco Jaya Agung, PT Multitambangjaya Utama), coal trading (Indika Capital Investment Pte. Ltd.), EPC oil & gas (PT Tripatra Multi Energi, PT Tripatra Engineers & Constructors, PT Tripatra Engineering); Logistics and Infrastructure – ports & logistics (PT Indika Logistic & Support Services, PT Kuala Pelabuhan Indonesia), fuel storage (PT Kariangau Gapura Terminal Energi), coal-fired power plant (PT Cirebon Electric Power and PT Prasarana Energi Cirebon); Minerals – gold production (PT Masmindo Dwi Area), nickel trading (PT Rockgeo Energi Nusantara); Green Businesses – nature based solution (PT Indika Multi Properti), renewable energy (PT Empat Mitra Indika Tenaga Surya); Electric Vehicle (PT Ilectra Motor Group, PT Mitra Motor Group); Digital Ventures – IT enterprise (PT Xapiens Teknologi Indonesia); Others – health industry (PT Indika Medika Nusantara, PT Bioneer Indika Group).


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