EV brand Ilectra Motor raised $50 M Series B funding from Foxxcon, Horizons

The Foxconn Co-GP Fund joined Horizons Ventures in a series B funding round that raised $50 million for the Indonesian e-motorcycle manufacturer Ilectra Motor Group, which produces the Alva brand.

Brama One Ventures (BOV), Foxconn Co-GP Fund were other investors.

The funds will be used to hasten network growth in Indonesia and Alva product development.

Alpha JWC Ventures, Horizons Ventures, and Indonesian energy company Indika Energy are partners in the Ilectra Motor Group. The business was founded in 2022 with the intention of offering electric two-wheeler lifestyle mobility solutions.

Under the Alva brand, the company has so far introduced two different electric motorcycle models. It has a 100,000-unit annual capacity manufacturing facility in Cikarang, West Java. For the purpose of assisting its customer service operations, the company also runs two experience centers in Jakarta and Bali.

Electric motorcycle use is widespread in Indonesia. To subsidize battery-powered electric vehicles, the nation has set aside about US $112 million. 250 000 electric bikes are covered by this subsidy program.

Additionally, by 2030, the nation hopes to produce more than 2.4 million electric motorcycles.