PT Ilectra Motor Group announced that it has entered into a loan agreement with new investors Alpha JWC Ventures, Horizons Ventures Limited for $7,500,000 (IDR 110,000,000,000) and aggregate gross proceeds of IDR 220,000,000,000 ($15,000,000) in a round of funding on May 19, 2022. The transaction will include participation from returning investor PT. Indika Energy Tbk for $7,500,000 (IDR 110,000,000,000).

On the same date, the company received $7,500,000 (IDR 110,000,000,000) in its first tranche from Alpha JWC Ventures and Horizons Ventures Limited.