Alva One Gets Ready for An Expansion

By Editorial Team 03/05/2023
electric motorcycle
Summary

Electric motorcycle manufacturer Alva One seeks to raise US$50 million in new funding. According to sources cited by DealStreetAsia, the company plans to use the fresh funds for expansion. "Currently, Alva One is in advanced talks with new investors to rake in the amount," the source said.

Alva One, launched in Aug 2022, is a brand developed by Ilectra Motor Group (IMG), a joint venture between Indika Energy and venture capital investors Alpha JWC Ventures and Horizons Ventures. Alpha JWC Ventures and Horizon Ventures invested US$7.5 million in the company, as did Indika Energy which provided US$7.5 million.

The three companies had previously announced their intention to invest in a new round of funding. However, neither Indika Energy nor its two partners have confirmed the news regarding this latest injection of funds.

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