ALVA Bags US$50 Mln from Horison Ventures, Alpha JWC

By Editorial Team 22/08/2023
electric motorcycle
Summary

PT Ilectra Motor Group (IMG), known for its ALVA electric motorcycle, raised US$50 million in a Series B funding round, participated by several existing investors such as Alpha JWC III, L.P., and led by Horizon Ventures.

There were also some new investors, including HH-CTBC Partnership, L.P. (Foxconn Co-GP Fund), and Brama One Ventures. "The transaction plan will consist of a capital increase in IMG by PT Solusi Mobilitas Indonesia (SMI) and PT Indika Energy Infrastructure [IEI] as well as convertible loans to IMG by investors worth up to US$45 million," Indika corporate secretary, Adi Pramono explained said in a stock exchange filing on Monday.

The convertible loans will mature on May 19, 2028, and can be extended until May 19, 2032.

IMG plans to use the proceeds to accelerate ALVA's product developments and scale up operations, in line with its diversification strategy. The company will especially expand its electric vehicle (EV) business and establish a comprehensive EV ecosystem in Indonesia.

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