Oyika Company Profile

Background

Company Name: Oyika Pte. Ltd.

Industry: Sustainable Urban Transportation and Energy Refueling

Founded: 2018

Headquarters: Singapore

Founders: Jinsi Lee and Carl Wong

Key Executives:

Jinsi Lee – Chief Executive Officer

Roderick Chia – Chief Technology Officer

Mission and Vision:
Oyika aims to lower the barriers to electric vehicle (EV) adoption in Southeast Asia by providing affordable and efficient Battery-as-a-Service (BaaS) solutions. The company focuses on promoting sustainable urban mobility and reducing air pollution through accessible electric transportation options.

Key Strategic Focus

Oyika specializes in BaaS solutions for electric motorbikes, offering battery swapping stations to facilitate convenient EV adoption. The company's core objectives include:

Battery Swapping Infrastructure: Establishing a network of battery swapping stations to address challenges such as long charging times and high upfront costs associated with EVs.

Subscription-Based Models: Providing flexible subscription plans (daily, weekly, monthly) that bundle battery swaps with electric motorbike usage, enhancing affordability and convenience for users.

Regional Expansion: Targeting primary markets in Southeast Asia, including Indonesia, Cambodia, Malaysia, Thailand, and Vietnam, to promote widespread EV adoption.

Financials and Funding

Oyika has secured significant funding to support its expansion and technological development:

Series B Funding (2023): Raised $8.75 million from Banpu NEXT, a subsidiary of Thailand's Banpu Group. As part of this investment, Kannapon Rungsithum, Vice President of Investments at Banpu NEXT, joined Oyika's board of directors.

Investment from Yinson Holdings (2021): Malaysian energy infrastructure company Yinson Holdings invested in Oyika to accelerate EV adoption in Southeast Asia. This investment aligns with Yinson's net-zero carbon ambition and supports Oyika's technological advancements and market positioning.

Pipeline Development

Oyika's key initiatives and developments include:

Battery Swapping Stations: As of February 2023, Oyika operates at least 112 Public Electric Vehicle Battery Swap Stations (SPBKLU) in Indonesia, particularly in areas surrounding Jakarta such as Bogor, Depok, Tangerang, and Bekasi. These stations are integrated with the Oyika mobile application, allowing users to locate the nearest exchange station and swap for a fully charged battery.

Partnerships for Infrastructure Expansion: In 2024, Oyika collaborated with Perusahaan Listrik Negara (PLN) and 28 other business entities to develop SPBKLU and Public Electric Vehicle Charging Stations (SPKLU) in Indonesia. The program aims to install 3,000 SPKLU units and 250 SPBKLU units by the end of 2024.

Technological Platform and Innovation

Oyika's technological innovations set it apart in the EV industry:

Proprietary Technologies: Oyika's batteries are designed to be bike-agnostic, compatible with most mass-market electric motorcycles across Southeast Asia. This flexibility allows seamless integration with various electric motorcycle brands.

Internet of Things (IoT) Capabilities: The batteries are equipped with IoT features, enabling remote monitoring for optimal performance and safety. This includes tracking battery health, usage patterns, and facilitating theft prevention through remote disabling.

Smart Battery Ecosystem: Collaborating with Arrow Electronics, Oyika developed a smart battery exchange system managed via a mobile app. This system allows users to swap depleted batteries for fully charged ones at designated stations, typically in under a minute, addressing common barriers to EV adoption such as long charging times and high upfront costs.

Leadership Team

Jinsi Lee – Chief Executive Officer: Co-founder of Oyika, Jinsi Lee has a background in renewable energy and technology startups. He previously worked for the Sunseap Group, championing solar farm projects in Cambodia and India.

Roderick Chia – Chief Technology Officer: As CTO, Roderick Chia leads Oyika's technological innovations, including the development of the smart battery ecosystem and IoT-enabled battery solutions.

Leadership Changes

In April 2023, Kannapon Rungsithum, Vice President of Investments at Banpu NEXT, joined Oyika's board of directors following Banpu NEXT's investment in the company.

Competitor Profile

Market Insights and Dynamics

Southeast Asia is home to approximately 300 million motorbikes, with countries like Indonesia and Vietnam having the highest densities. The region's reliance on motorbikes presents a significant opportunity for EV adoption, particularly in the two-wheeler segment. However, challenges such as high upfront costs, limited charging infrastructure, and range anxiety have hindered widespread adoption.

Competitor Analysis

Key competitors in the Southeast Asian EV market include:

Electrum: Focuses on developing electric vehicle battery-swapping infrastructure in Indonesia, collaborating with local partners to expand the network.

Swap: Provides battery-swapping solutions for electric motorbikes, aiming to address range anxiety and charging time concerns.

Volta: Engages in the development of electric vehicle charging stations and battery-swapping infrastructure, contributing to the region's EV ecosystem.

Strategic Collaborations and Partnerships

Oyika has established significant partnerships to strengthen its market position and innovation capacity:

NEFIN Group (2022): Partnered with NEFIN, a leading green independent power producer, to accelerate EV adoption in Southeast Asia. The collaboration focuses on integrating Oyika's swappable smart batteries with NEFIN's clean energy solutions.

Thunder Plus (2024): Signed an MOU with Thunder Plus, an Indian EV charging company, to integrate two-wheeler and three-wheeler fast chargers into Oyika's battery swapping stations across Southeast Asia.

Arrow Electronics: Collaborated with Arrow Electronics to develop a smart battery exchange system managed via a mobile app, enhancing the convenience and efficiency of battery swapping for users.

Operational Insights

Oyika's strategic considerations include:

Market Positioning: By offering flexible subscription models and a comprehensive battery-swapping network, Oyika addresses key barriers to EV adoption, positioning itself as a leader in the Southeast Asian market.

Competitive Advantages: Oyika's bike-agnostic battery design, IoT-enabled monitoring, and strategic partnerships provide distinct advantages over competitors, facilitating rapid expansion and user adoption.

Strategic Opportunities and Future Directions

Oyika's strategic roadmap includes:

Expansion Plans: Aiming to broaden its customer base to include students, office workers, and corporate customers, with plans to fulfill an order book of 30,000 power subscription plans, including for union members from the Indonesian cooperative, Friends of the Indonesian Police.

Technological Advancements: Continuing to innovate in battery technology and IoT capabilities to enhance user experience and operational efficiency.

Sustainability Initiatives: Aligning with United Nations sustainability goals, including climate action and affordable clean energy, to promote environmental responsibility and social impact.