An investment in sustainable mobility has been made strategically by Indika Energy, a publicly traded energy division of the Indonesian conglomerate Indika Group, in Shift4Good, a venture capital fund.
The undisclosed investment follows the fund’s infusion last year by Singaporean taxi company ComfortDelGro.
Shift4Good will be able to access Indonesia’s electric vehicle market thanks to this move.
“With Indonesia’s edge in the battery supply chain, a domestic market of 280 million people, and supportive government policies, Indonesia is well placed to become an EV global powerhouse soon,” says Sebastien Guillaud, Shift4Good’s co-founder and managing partner, in a statement.
Shift4Good is a Paris-based company that is based in Singapore that mainly invests in early-stage companies in Southeast Asia and Europe that are involved in the circular economy and sustainable mobility. Established in November 2022, the fund has supported ten businesses so far and plans to have thirty in its portfolio in the following four years.
Renault, Motul, and BNP Paribas are among Shift4Good’s limited partners, in addition to Indika Energy and ComfortDelgro. Out of a target of US $295 million, the fund announced a first close of its Fund I in late 2022 of 100 million euros (US $98.2 million at the time).
The businesses of Indika Energy include electric vehicle manufacturing, renewable energy, coal production, and nickel trading. Out of US $4.3 billion in revenue, it generated net profits of almost US $511 million in 2022.
