Swap Energi raises $22M in Series A led by Qiming Ventures

Swap Energi, an Indonesian EV battery startup, has successfully raised $22M in a Series A funding round. The funding round was led by Qiming Venture Partners, with considerable participation from GGV Capital and the existing investor, Ondine Capital.

• Leading the Charge: Qiming Venture Partners was the largest contributor with a $12M investment. GGV Capital and Ondine Capital followed suit, putting in $8M and $2M respectively.

• Valuation Standing: Swap Energy's post-money valuation now stands at an impressive $76M, marking a 64% rise from its August 2023 figure of $46.2M.

• Background: Established in 2019, Swap Energy has actively addressed charging infrastructure constraints for the electric two-wheel vehicle segment. They have achieved this by setting up over 1,300 swapping stations across Indonesia.

• Partnerships and Collaborations: Swap Energy collaborates with local EV partners, including Smoot and Minerva Electrons. They have also formed strategic partnerships with Grab and Perusahaan Listrik Negara, a state-owned power company in Indonesia, to create an integrated electric vehicle ecosystem in the country.

Indonesia has taken steps to attract further investment by easing EV import taxes in December 2023. This included eliminating import duties and luxury goods sales tax on assembled vehicles, and introducing additional tax incentives for provincial governments.