Oyika raised US $10.8 M Series B funding from Banpu Next, Yinson Venture Capital
Banpu Next, a division of Thai energy solutions provider Banpu Infernegy (BPIN), and Yinson Venture Capital have invested in the series B round of financing for Singapore-based Oyika, a company developing battery charging and swapping infrastructure for electric vehicles.
Oyika stated that it intends to accelerate its expansion, expand its network of swap stations, and bring on more clients with the aid of Banpu Next.
Banpu Next led the round with a US $8.8 million contribution to buy 588,211 shares, according to VentureCap Insights, which tracks regulatory filings in Singapore. The remaining sum was used by Yinson to buy 192,069 shares. Oyika’s series A round had previously been won by Yinson.
According to VentureCap, the deal increased Oyika’s valuation to US $62.7 million.
In order to connect electric two-wheeler companies to its network of battery charging and swapping stations, Oyika works with them. Its services are accessible through a mobile app, which informs users of the location of nearby stations and whether they have the necessary capacity.
Oyika was founded in 2018 by solar and hydropower industry veterans Carl Wong and Jinsi Lee, the former head of international markets for Sunseap Group. Additionally, BPIN has invested in Sunseap.
The company announced in 2021 that it would raise $100 million in order to roll out 30,000 power subscription plans across Indonesia. At the time, Lee stated that the company aimed to acquire just 0.5% of the 250 million motorbikes in Southeast Asia by 2026.
