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Jan 2, 2024

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.

Areas of Interest



Swap Energy


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