Jakarta. Electric motorcycle startup MAKA Motors has successfully raised $37.6 million in seed capital from 13 investors to commence the project and prepare for mass production.

The investors include AC Ventures, East Ventures, SV Investment, Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners, the startup announced on Thursday.

“This significant funding not only validates our vision but also accelerates our mission to build electric motorcycles that exceed the expectations of Indonesian riders,” MAKA Motors Co-Founder and CEO Raditya Wibowo said in a statement.

The fresh capital infusion will allow the startup to intensify its research and development efforts, leading to the development of a prototype suitable for mass production by the next year. 

Additionally, the company plans to establish an assembly plant in West Java later this year.

The team at MAKA Motors is focused on in-house research and development activities to gain control over the supply chain and optimize cost efficiency, Raditya said. Their electric motorcycles will be designed with user insights to cater to the unique needs of local riders and suit Indonesia's road conditions.

The startup was founded jointly by Raditya and Arief Fadillah, former executives of ride-hailing company Gojek.

Arief, who serves as chief technology officer at MAKA, said the development involves predominantly Indonesian talents with engineering experience in automotive companies here and in Japan and Germany.

“We asked them to go home to contribute to this nation through MAKA Motors,” Arief said.

However, the startup has not yet disclosed the specific commencement date for mass production or the number of motorcycles to be built in the early stages.