🔋🛵 Can This Indonesian Startup Build The Best Electric Bike?

GM. This is micro digest, we’re like that first cup of coffee on a Monday morning – we hit different.

Here’s what we got for you:

• 🌊 The SEA - MAKA Motors - The Indoensisan EV startup that wants to make the best electric motorcycles possible

• ⛵ SEAppets - Malaysia has granted Elon Musk's Starlink a license to provide internet services

• 💰 SEA Deals

• 🖼️ AI Image of the day

• 🐣 Tweet of the day

Markets 📈

The SEA 🌊

Overseas automotive legacy brands have led SEA’s electric vehicle industry but that doesn't stop this Indonesian startup from taking a slice of the pie.

I’m talking about MAKA Motors.

🤷‍♂️ Who is MAKA Motors?

• Founded in 2021 by ride-hailing operator veterans Raditya Wibowo and Arief Fadillah, MAKA Motors aims to increase the use of electric motorcycles in Indonesia

• Indonesia is the world's third-largest market for two-wheeled vehicles, with over 127 million motorbikes mainly relying on gasoline but only 43,000 registered electric motorcycles

• That’s why MAKA Motors believes there is a large potential for electric vehicles in this market

🔋How it works?

• The startup wants to revolutionize the electric motorcycle industry by creating bikes that offer a greater range, power, and durability than existing models, at an affordable price, specifically designed for Indonesian riders

• The company is creating a mass-market product and plans to launch it in 2024

• The first batch of pilot vehicles will be available this month

💰 Funding

• The startup has recently closed a $37.6 million seed round with AC Ventures, East Ventures, and SV Investment as the lead investors

• The funding will be used to scale operations, expand research and development capabilities and accelerate production

• The investment also marks East Ventures' first in the EV space, while SV Investment has set aside $80-100 million for investments in Asia

SEAppets ⛵

1. Atome, a digital consumer financing platform based in Singapore, has partnered with TikTok Shop in Malaysia to revolutionize e-commerce. This allows businesses of all sizes, particularly SMEs and young entrepreneurs, to take advantage of the growing online shopping industry. Atome provides consumers with the choice, convenience and flexibility to pay for their purchases using its "buy now, pay later" service. Additionally, Atome has entered into a ten-year partnership with Standard Chartered Bank to promote financial inclusion and access to retail customers.

2. Malaysia has granted Elon Musk's Starlink a license to provide internet services, especially in remote areas. The government is also working to ensure 100% internet coverage in populated areas, with three per cent currently facing issues due to geographical and infrastructure challenges. This announcement follows a call between Malaysian Prime Minister Anwar Ibrahim and Elon Musk to discuss his company investing in Malaysia and Tesla's Model Y EV was unveiled in Kuala Lumpur with deliveries beginning in 2024.

3. Silicon Box, a Singapore-based semiconductor integration startup, has launched a $2 billion advanced semiconductor manufacturing foundry to revolutionize the chip manufacturing sector and create up to 1,200 jobs. Supported by the Singapore Economic Development Board, the venture will create more jobs and boost the nation's economic growth. The company specializes in cutting-edge semiconductor integration services and has raised $7.5 million in Series A funding.

4. WORQ, a Malaysia-based coworking and flex space provider, has announced a collaboration with Malaysia Digital Economy Corporation (MDEC)'s DE Rantau to launch the WORQ with DE Rantau program. This collaborative effort aims to support the initiatives to bring high-value jobs in information technology, digital marketing and content creation into Malaysia. The program is estimated to inject MYR 360 million into the Malaysian economy by supporting 6,000 highly-skilled workers and enabling new businesses. WORQ Co-Founder and Chief Executive Officer Stephanie Ping said the program is a step to attract more digital nomads to Malaysia. This initiative is part of a larger national initiative to reinforce Malaysia's position as a global business hub.

SEA Deals 💰

1. Grab, a Southeast Asian super app, is acquiring a 100% stake in Trans-cab, Singapore's third largest taxi operator, through its arm GrabRentals. Trans-cab's taxi and car rental business, maintenance workshop and fuel pump operations are included in the transaction. Grab will launch an enhanced Grab Driver application and combine software with vehicle hardware to improve the driving and taxi-sharing experience. This deal is beneficial for Grab and Trans-cab drivers, as it will help to combat the driver supply shortage post-pandemic.

2. Philippine-based consumer fintech Salmon has secured a $20 million debt facility from U.S. investment firm Argentem Creek Partners. This financing will enable Salmon to scale its lending operations and launch new products in the second half of 2023. Argentem Creek is committed to supporting Salmon in driving forward financial inclusion in the region. Salmon was founded in July 2022 and currently has 140 professionals in its Manila headquarters. Pilon, a Singaporean fintech firm, has also secured fresh funding.

3. Sprout Solutions, an HR tech startup based in the Philippines, has acquired Aiah AI for an undisclosed sum. Aiah AI's technology automates business processes to increase productivity among companies. With the acquisition, Sprout Solutions will be able to leverage AI to provide more insight and analysis for its clients, as well as increase the accessibility and efficiency of its platform. In April, Sprout Solutions raised $10.7 million in a new funding round.

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AI Images of The Day 🖼️

BREAKING BAD: PUNJAB EDITION

Tweet of The Day 🐣

You forgot combat sports.

That’s a wrap for today. See you all tomorrow! 👋

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