Japan-headquartered startup movus technologies announced on May 15 that it has secured \¥4.26 billion (approximately $27 million) in a Series B funding round. The company operates an eco-car subscription service in Indonesia. Of the total, \¥1.66 billion (approximately $11 million) was raised through equity and \¥2.6 billion (approximately $16 million) through debt.
The company has entered into a partnership with Grab, the Singapore-based ride-hailing platform.
Addressing Indonesia’s Transportation and Personal Finance Challenges
movus technologies operates in an Indonesian transportation landscape characterized by underdeveloped public transit infrastructure and low private vehicle ownership, conditions that have made ride-hailing apps a primary alternative to public transportation. Yet the shortage of private vehicles naturally limits the pool of available drivers.
The company attributes the low number of vehicles and drivers to the difficulty individuals face in accessing financing. In response, it offers an eco-car subscription service for ride-hailing drivers, creating a pathway for those unable to secure conventional loans to generate income while also helping to offset gaps in public transportation coverage.
Drivers who secure a vehicle through the subscription service then use Grab to find passengers. On the partnership, Grab stated that it aims to “expand the supply of eco-cars not only in Indonesia but across Southeast Asia.”
CEO Pledges Contributions to “Both Japan and Emerging Markets”
Nine investors participated in the equity portion of the Series B round, including Suzuki Global Ventures, the corporate venture capital arm of Japanese automaker Suzuki. Five domestic financial institutions provided the debt financing.
While specific use of proceeds was not disclosed, the company simultaneously announced plans to ramp up domestic hiring in Japan, suggesting that talent acquisition will account for a portion of the funds.
movus technologies CEO Taketo Sakai said in a statement: “It is precisely because of the external environment — the rise of AI, population decline, and the weak yen — that we are determined to create value at the intersection of overseas markets and real-world industries, and to contribute meaningfully to both Japan and emerging economies through the development of social infrastructure.”
