Singapore EV Battery Startup Oyika Secures RM38 Million In Funding

BPIN Investment, a division of Thailand’s smart-energy giant Banpu Next, has provided further money to Singapore-based smart-battery swapping startup Oyika, according to regulatory filings.

According to Oyika’s papers with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Banpu Next, a division of energy juggernaut Banpu, which is listed on the stock exchange in Bangkok, is investing $8.75 million (RM38 million) in the startup as part of its Series B investment.

In addition, as part of a convertible note deal made in September 2022, shares worth $2 million (RM8.8 million) were allocated to Malaysian storage service provider Yinson Holdings as part of the financing. Yinson is currently a shareholder in Oyika.

With these share allocations, the Series B round’s overall funding now stands at $10.75 million (RM47.7 million). According to its ACRA documents, Oyika intends to raise up to $10 million (RM44.4 million) further from additional investors as part of the deal.

In connection with the financing, Kannapon Rungsithum, vice president of investments at Banpu Next, will join the board of directors of Oyika.

To support its expansion in Vietnam and launch a battery-swapping service for electric motorcycles in Indonesia, where it has an order book of 30,000 power subscription plans, Oyika said in 2021 that it was looking to raise $100 million (RM444.5 million) in outside capital.

The same year, Clime Capital, a Singaporean investment management firm, also contributed an undisclosed amount of capital to the venture.

With the goal of becoming Southeast Asia’s top electric vehicle service provider, the firm now provides fully charged batteries for electric motorbikes at swap stations throughout Indonesia and Cambodia.

Last month, Banpu Next took part in a $20.5 million (RM91.1 million) Series B financing for the Singapore-based business Green Li-ion, which recycles batteries. It had already committed $70 million (RM311.1 million) to raise its share in the city-state-based Durapower Holdings, a producer of lithium-ion batteries, to 65.1%.

In November of last year, Banpu Next bought a 25% stake in Altotech, a Singapore-based energy management platform for hotels and business buildings. Additionally, it has invested money in two other companies: Muvmi, a Thai firm that offers ride-sharing services for three-wheeled electric automobiles, and Smart City Fund II, a venture capital fund run by Eurazeo, a company with headquarters in France.

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