Xurya receives US$ 21.5 million series A funding from investors led by East Ventures and Saratoga
January 13, 2022
PT Xurya Daya Indonesia (Xurya), a renewable energy startup with a focus on Rooftop Solar Power Plant rental in Indonesia, announced series A funding of US$ 21.5 million or equivalent to Rp 308 billion. This series A funding round was led by a venture capital firm, East Ventures (Growth fund), and PT Saratoga Investama Sedaya Tbk. (Saratoga) with the returning participation of existing investors Schneider Electric and New Energy Nexus Indonesia.
Xurya will allocate this series A funding to continue the construction of Rooftop Solar Power Plant which has tripled in 2021 and assists the company in achieving its long-term vision to become a leader in providing technology and solutions for clean and sustainable energy.
“We appreciate the support and trust given by investors, partners, and customers to help us accelerate the transition to new renewable energy in Indonesia since Xurya was founded 3 years ago,” said Eka Himawan, Managing Director of Xurya Daya Indonesia.
Eka added, in addition to continuing the construction of the Rooftop Solar Power Plant which has grown rapidly throughout 2021, we will also allocate this funding for the development of technology and human resources so that efforts to accelerate the clean energy transition can be realized immediately.
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. The participation of East Ventures, a venture capital firm that is sector-agnostic and a pioneer in venture capital in Indonesia which has supported more than 200 companies in Southeast Asia, strengthen its support for Xurya’s commitment to developing the renewable energy landscape and climate change issues in Indonesia.
Roderick Purwana, Managing Partner of East Ventures said, “East Ventures believes that investing in the right companies matters, not only in terms of profit, but also in regards to the social impact. As one of the pioneers of a venture capital firm adopting an ESG approach to investment, we are delighted to be able to support the Xurya team from the very beginning of their journey to create a clean and sustainable energy revolution in Indonesia and protect the earth, our biggest platform.”
Meanwhile, PT Saratoga Investama Sedaya Tbk. (Saratoga), who also led this funding round, is a leading active investment company with more than two decades of experience and expertise in investing in the Indonesian and Southeast Asian markets.
President Director of PT Saratoga Investama Sedaya Tbk., Michael Soeryadjaya said, “This investment is a good opportunity for Saratoga to strengthen support in the New & Renewable Energy (NRE) technology sector which is now one of the priority energies sources to be developed by the government.”
“Rooftop Solar Power Plant (PLTS Atap) can provide solutions for the availability of clean, environmentally friendly, and sustainable energy in Indonesia. The very rapid growth of Rooftop Solar installed capacity in the last three years proves that the need for the NRE technology industry is increasing in Indonesia,” Michael added.
Rooftop Solar Power Plant is also one of the initiatives supported by President Joko Widodo to reduce dependence on the use of fossil fuel energy. By investing in Xurya, Saratoga can help accelerate the government’s efforts to achieve its target of the NRE mix to 23% by 2025 and 31% by 2050.
This funding is also supported by New Energy Nexus Indonesia which throughout 2021 has completed its investment in five renewable energy companies in Indonesia and Schneider Electric, as a leading in the digital transformation of energy management and automation, through Schneider Electric Energy Access Asia (SEEAA) making its first investment in renewable energy startups in Indonesia to Xurya.
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 (foods and beverages, consumer goods, agriculture, automotive, steel, building material, textile, etc.), cold storages, hotel, shopping center, spread across Jakarta, Banten, West Java, East Java, Central Java, Lampung, South and North Sumatera, and South Sulawesi.