Swap Energi, founded in 2019 by Irwan Tjahaja, is one of the largest startup energy companies in Southeast Asia. The startup focuses on city-based infrastructure for battery swapping stations or charging points for electric motorcycle riders. The company claims to have over 1,300 battery swapping stations in Indonesia, collaborating with various partners such as Pertamina, Alfamart, Circle K, Dan Dan, KFC, and others.

Meanwhile, Qiming Venture Partners, a China-based venture capital firm, is known for its investments in technology, internet, and healthcare-related companies in China. It was an early investor in companies like ByteDance, Xiaomi, Meituan, and Bilibili.

Qiming Venture Partners reportedly invested around US$ 12 million, while GGV Capital and Ondine Capital contributed US$ 8 million and US$ 2 million, respectively.

The post-money valuation of Swap Energi is estimated to be US$ 76 million, a 64% increase from its valuation of US$ 46.2 million in August 2023. In April 2023, Swap Energi raised US$ 7.2 million in a pre-Series A funding round led by Ondine Capital. The startup was founded in 2019 and provides over 1,300 electric battery charging stations in Indonesia.

Swap Energi has partnerships with Smoot and Minerva Electrons, and it collaborates with companies like Grab and PLN to build an electric vehicle ecosystem. The Swap Energi app, connected to Smoot Electric Motors, offers various features such as checking the motor's condition, battery booking, and the ability to turn off the motor.

Swap Energi's battery swapping process involves exchanging depleted batteries for fully charged ones in just 9 seconds. The company also launched an electric motorcycle project named "Smoot" in 2021, incorporating Internet of Things (IoT) technology. Smoot users can monitor the motor's status, increase mileage, and remotely turn off the motor through a mobile app.

Irwan Tjahaja, Co-Founder and CEO of Swap Energi, emphasized the company's priorities in strong infrastructure, enjoyable driving experiences, and top-notch after-sales service to meet the high demand and trends in electric motorcycles.

In March 2022, Swap Energi announced the closure of a pre-Series A funding round led by Kejora-SBI Orbit, with participation from Baramulti Group, Living Lab Ventures (an affiliate of Sinar Mas Group), New Energy Nexus Indonesia, Yifang, Raksasa Capital, strategic corporate investors, and angel investors.

Although the funding amount was not disclosed, Swap Energi aimed to accelerate the adoption of electric vehicles and support the Indonesian government's target of having 13 million electric motorcycles on the roads by 2030.