Indonesian solar startup Xurya raises $21.5m in latest funding round

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Xurya, a Jakarta-based startup that develops rooftop solar panels for businesses and industries in Indonesia, announced raising a total of $21.5 million in a Series A funding round co-anchored by East Ventures and Saratoga Investama Sedaya.

The announcement confirms DealStreetAsia’s report in December, which was based on ACRA filings that showed the startup raised more than $11.5 million in equity funding in the latest funding round. Xurya has also entered into a $10 million convertible note agreement as part of the Series A round, the documents show.

In the latest announcement, Xurya said existing investors Schneider Electric and New Energy Nexus Indonesia participated in the funding round, which will be used to continue the construction of rooftop solar power plants.

Xurya was founded by Eka Himawan and Edwin Widjonarko in 2018 to solve the slow adoption of renewable energy in developing countries. It engages in sourcing, developing, operating, and maintaining distributed solar projects.

The startup targets Indonesian business buildings, apartments, warehouses, factories, and shophouses. It also provides remote deployment at mining sites and island resorts.

By the end of 2021, Xurya has operated 57 rooftop solar power plants and is currently building in 38 other locations from various industries and businesses that are increasingly diverse, such as manufacturing companies, cold storages, hotels, and shopping centers.

Rooftop solar power plant is one of the initiatives supported by President Joko Widodo to reduce dependence on the use of fossil fuel energy.

According to global research and consultancy firm Wood Mackenzie, Asia Pacific photovoltaic capacity could triple to 1,500 gigawatts by 2030 on the back of carbon-neutral targets.

China will remain the leader in the region and globally, adding 619 GW of solar PV capacity over this decade to 2030, according to the research firm.

East Ventures and Saratoga, which led this funding round, have a broad portfolio of investments into early-stage and growth startups across a wide range of industries, including social and environmental industries.

East Ventures made the investment through Singapore-registered Sun Tzu Tech, an entity 100% owned by EVG Fund II, which the VC firm manages.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.