Indonesia’s EV Startup Swap Energi Secures $22 Million Series A Funding

Swap Energi, the Indonesian electric battery service developer, has secured Series A funding totaling $22 million (equivalent to IDR 341.4 billion). As reported by Alternatives.pe, regulatory data reveals the participation of three key investors in this funding round: Qiming Venture Partners, Ondine Capital and GGV Capital.

Swap Energi’s Co-Founder & CEO, Irwan Tjahaja, has officially confirmed the conclusion of the company’s Series A funding round, withholding specific details regarding the investment. 

In April 2023, Swap had previously disclosed securing pre-series funding from Ondine Capital, supported by existing investors like Kejora-SBI Orbit, Baramulti Group, and New Energy Nexus Indonesia. This funding aimed to enhance the reach and impact of electric motorbike battery exchange and infrastructure services across diverse regions in Indonesia.

The detailed breakdown of the Series A funding reveals Qiming Venture Partners’ investment of approximately US$12 million, while GGV Capital and Ondine Capital contributed US$8 million and US$2 million, respectively. According to Alternatives.pe, Swap Energy’s post-money valuation has reached US$76 million, a 64% increase from its valuation of US$46.2 million in August 2023.

Started in 2019, Swap Energi addresses the primary challenges associated with the shift from petrol-driven to electric motorbikes, particularly for individuals with high mobility needs. Recognizing the inefficiency of long charging durations, especially for users like online motorbike taxis, Swap introduces a battery exchange service as a practical solution.

Since its establishment, Swap Energy claims a network of over 1,300 swapping centers dispersed across numerous cities in Java, Sumatra, Bali, Kalimantan, and Sulawesi. With this, the company offers a convenient solution for users seeking efficient electric vehicle (EV) charging. Notably, Swap Energy has partnered with prominent EV manufacturers in the country, including Smoot and Minerva Electrons.

Successful tests conducted with Smoot, the electric motorbike featuring Swap’s battery exchange system, signal a promising start, with plans to replicate this success across various electric motorbike brands in Indonesia.

To enhance accessibility, the company has strategically partnered with modern retailers such as, Shell, Alfamidi, Alfamart, BP-AKR, and Circle-K to place battery exchange infrastructure. 

The comprehensive product lineup comprises Swap Batteries, offering standardized options for various electric motorbikes, Swap Stations facilitating the seamless exchange of electric batteries, and the user management application, Swap App. 

Beyond funding milestones, the company has collaborated with industry giants Grab and Perusahaan Listrik Negara, the Indonesian government-owned power company. This collaboration aims to forge an integrated electric vehicle ecosystem in the country. 

In December 2023, the country eased electric vehicle import taxes, eliminating import duties and luxury goods sales tax on assembled vehicles. Additionally, the government introduced tax incentives for provincial governments, creating a more conducive environment for the electric vehicle market growth.

This surge in governmental support for electric mobility helps Swap at a strategic vantage point, with its main focus being developing a strong support system through infrastructure provision, thereby enhancing the overall driver experience and after-sales service for electric vehicles. 

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