SWAP Energy Raised USD 22 Million in Series A Round

Indonesian EV battery startup Swap Energy has raised USD 22 million in a series A round led by Qiming Venture Partners, with GGV Capital and existing investor Ondine Capital also participating

Kejora Capital, through the Kejora-SBI Orbit Fund is the first institutional investor in SWAP, leading both its Seed and Pre-Series A round.

Swap Energy is building an electric motorcycle end-to-end ecosystem in Indonesia, developing its own IP of battery technology and brand of e-motorcycle - Smoot. According to a report by Deloitte Indonesia in September 2023, the company is a dominant player in the swapping model, operating around 75% of all battery swapping stations in Indonesia.

The company has also partnered with Grab and PLN (Perusahaan Listrik Negara), an Indonesian government-owned power company, to develop an integrated electric vehicle ecosystem in the country. It has also worked together with companies such as Pertamina, Lazada Logistics, Blibli, among others.