SEA Digest: EV maker ALVA raises $10m; activpayroll buys Propay Partners

SEA Digest: EV maker ALVA raises $10m; activpayroll buys Propay Partners

FILE PHOTO: A battery charger sign for electric cars is painted on the ground of a parking ground near the soccer stadium in Wolfsburg, Germany, April 6, 2016. REUTERS/Kai Pfaffenbach/File Photo

ALVA, an Indonesian electric vehicle (EV) manufacturer that is part of IDX-listed energy firm Indika Energy, has raised $10 million from Standard Chartered Indonesia. Meanwhile, UK-based human resources tech firm activpayroll has acquired Malaysia-based Propay Partners.

ALVA raises $10m from Standard Chartered Indonesia

IDX-listed energy firm Indika Energy’s subsidiary, Electra Mobilitas Indonesia (EMI), also known as ALVA, has raised $10 million from Standard Chartered Indonesia. The financing will help ALVA produce electric motorcycles to build sustainable practices within its supply chain systems, according to a statement on Tuesday.

Standard Chartered in its statement said that it has set up an import invoice financing facility which will limit the use of financing to only those suppliers who provide raw materials and spare parts related to the production of ALVA electric motorcycles.

Indika Energy built Ilectra Motor Group (IMG), the parent company of ALVA in April 2022. IMG raised funding of $15 million from Indika Energy, Indonesian venture capital firm Alpha JWC, and Horizon Ventures in May 2022.

IMG launched Alva One as its first motorcycle in August.  Apart from collaborating with Alpha JWC and Horizon Ventures, Indika was also exploring potential partnerships with PT Industri Baterai Indonesia (IBC), Foxconn, and Gogoro Inc to develop the electric vehicle (EV) ecosystem in Indonesia.

activpayroll buys Malaysia’s Propay Partners

UK-based human resources tech firm activpayroll has acquired Malaysia-based Propay Partners to accelerate the former’s growth in the Asia-Pacific region.

activpayroll said in a statement it had partnered with Propay Partners, which offers payroll outsourcing and employee mobility services, for more than a decade. 

It also sees Propay Partners business is at the centre of the Asia-Pacific region. Malaysia is perfectly placed geographically to service the largest customers in Asia, and access to a highly skilled talent pool will help further enhance the service offering.

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