- Companies
- Oyika
Last Oyika valuation
$63M
Series B · Apr 2023
Last Oyika funding round
$11M
Series B · Apr 2023
Cumulative funding Oyika raised
$111M
across 2 funding rounds
Key investors in Oyika
Banpu NEXT
Yinson GreenTech
About Oyika
Oyika is a Singapore-headquartered firm building battery swapping stations and charging networks for electric two-wheelers across Southeast Asia. Founded in 2018, it offers subscription-based power plans with smart batteries compatible with brands like Gogoro and Super Soco. The infrastructure supports off-grid mobility services for delivery fleets and consumers in urban areas.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription
Valuation
$63M (Apr 2023)
Oyika Valuation
Oyika is currently valued at $63M, based on its Series B in April 2023.
The $11M round was led by Banpu NEXT, with participation from Yinson GreenTech.
Oyika valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2023 | Series B | $63M |
Oyika Funding History
Oyika has raised a total of $111M across 2 funding rounds.
Oyika's first fundraising round was a $100M undisclosed-stage round in April 2021. The most recent completed round was a $11M Series B in April 2023.
Oyika funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2023 | Series B | Banpu NEXT (lead); Yinson GreenTech | $11M | $63M | Oyika is a Singapore-based startup founded in 2018 that provides battery charging and swapping infrastructure for electric vehicles, particularly two-wheelers, through a mobile app connecting users to stations. It offers Battery-as-a-Service (BaaS) and partners with electric two-wheeler companies to expand its network across Southeast Asia, targeting markets like Indonesia, Vietnam, and Thailand with a focus on logistics and delivery sectors. On April 21, 2023, Oyika raised $10.8 million in a Series B round led by Banpu NEXT, which invested $8.8 million for 588,211 shares, with Yinson Venture Capital contributing the remainder for 192,069 shares. The round increased Oyika's valuation to $62.7 million. Banpu NEXT, a subsidiary of Thai energy firm Banpu, aims to integrate Oyika's solutions into its e-Mobility business to accelerate EV adoption and reduce carbon emissions. The funding supports Oyika's expansion of battery swap stations, client acquisition, and regional growth. Previously, in its Series A, Yinson was an investor. Oyika had announced plans in 2021 to raise $100 million for 30,000 power subscription plans in Indonesia, aiming to capture 0.5% of Southeast Asia's 250 million motorbikes by 2026. |
| Apr 2021 | Undisclosed stage | - | $100M | - | Oyika is a Singapore-based startup founded in 2018 by Carl Wong and Jinsi Lee, providing smart battery swapping and charging infrastructure for electric vehicles, particularly two-wheelers, accessible via a mobile app that locates stations and checks capacity. The company partners with electric two-wheeler firms to connect users to its network and focuses on Southeast Asia markets like Indonesia and Vietnam. In 2021, Oyika announced plans to raise $100 million to expand, including rolling out 30,000 power subscription plans in Indonesia targeting 0.5% of the region's 250 million motorbikes by 2026. The relevant Series B round occurred on April 21, 2023, raising $10.8 million (or $10.75 million per filings) led by Banpu Next ($8.75-$8.8 million for 588,211 shares) with Yinson Venture Capital ($2 million for 192,069 shares via convertible note), planning additional $10 million. This round valued Oyika at $62.7 million post-money according to VentureCap analysis of regulatory filings. Funds from Series B support network expansion, more swap stations, client acquisition, Vietnam growth, and Indonesia electric motorcycle battery-swapping launch. Total funding across rounds reached $20 million by 2023, with investors including TRIREC, SEACEF, Yinson Holdings (green tech division), and Banpu Next. Kannapon Rungsithum from Banpu Next joined the board. Oyika's traction includes an Indonesia order book of 30,000 power subscriptions noted in 2021 plans. Investors like Banpu Next have backed related clean energy firms such as Green Li-ion ($20.5 million Series B) and Durapower Holdings. |
Who has invested in Oyika?
2 investors have backed Oyika across its funding rounds, including Banpu NEXT and Yinson GreenTech.
Lead investors include Banpu NEXT.
Oyika Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialOyika Competitors
Oyika competitors include listed companies like Blink Charging, EVgo, ChargePoint and XCHG, and private ones like Booster and IndiGrid Technology.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $103M | ($73M) | $79M | 0.5x | ||
| Private | - | - | $125M | - | ||
| Publicly listed | $384M | ($18M) | $209M | 2.1x | ||
| Publicly listed | $411M | ($170M) | $266M | 1.0x | ||
| Publicly listed | $25M | ($32M) | $14M | 0.4x | ||
| Private | $12M | - | $64M | 5.3x |
Oyika Public Comps
Oyika is still privately-owned, but its public comps include Azure Power Global, OPAL Fuels, Swift Energy Technology, GreenMobility, Gogoro, New Fortress Energy, Kandi Technologies Group, Wallbox, Gridwiz and Ebusco Holding.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $222M | $119M | 0.3x | - | 0.5x | - | |||
| $349M | $33M | 2.5x | 2.5x | 26.8x | 9.4x | |||
| $23M | $4M | 1.9x | - | 11.8x | - | |||
| $24M | $8M | 3.0x | - | 8.6x | - | |||
| $281M | $24M | 1.2x | 1.2x | 14.4x | 5.1x | |||
| $1.5B | ($826M) | 6.1x | - | (11.1x) | 75.0x | |||
| $87M | ($93M) | - | - | - | - | |||
| $167M | ($59M) | 1.8x | 1.8x | (5.0x) | (10.7x) | |||
This data is available for Pro users. Sign up to see all Oyika competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Oyika
| When was Oyika founded? | Oyika was founded in 2018. |
| Where is Oyika headquartered? | Oyika is headquartered in Singapore, Singapore. |
| Is Oyika publicly listed? | No, Oyika is a private, VC-backed company. |
| What is Oyika's valuation? | Oyika was last valued at $63M in its Series B in April 2023. |
| How much funding has Oyika raised? | Oyika has raised $111M across 2 funding rounds. |
| What was Oyika's last funding round? | Oyika's last funding round was a $11M Series B in April 2023, led by Banpu NEXT. |
| Who are Oyika's investors? | Oyika's investors include Yinson GreenTech and Banpu NEXT. |
| Which companies are comparable to Oyika? | Companies comparable to Oyika include Blink Charging, Booster, EVgo, ChargePoint, XCHG and IndiGrid Technology. |
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