Soul Parking revenue skyrockets 100x, emerges as key player in Indonesia's EV charging
By Digital News Asia August 21, 2023
- AC Ventures, a pioneer investor in Soul Parking
- Aims to tap into Indonesia’s growing EV revolution
Soul Parking, Indonesia's tech-enabled pioneer in innovative parking solutions announced a 100x growth in its topline revenue over the past three years.
In a statement, the startup said this growth underscores its dominance in Indonesia's urban mobility sector, an industry grappling with profound societal challenges.
The startup highlights Indonesia's striking urban scenario: an annual population increase of 1.05% sharply contrasts with less than 1% yearly road expansion. This disparity has led to escalating land prices and severe congestion in major cities including Jakarta, a consistent contender in the world’s top 10 most congested cities globally.
With motorcycles accounting for 85% of personal vehicles (totaling 125.3 million units) compared to the nation's 17 million cars, the motorcycle industry has inadvertently become a significant contributor to Indonesia's carbon emissions. The government's response involves transitioning traditional motorcycles to electric ones, targeting 50,000 conversions in 2023 and 150,000 by 2024, necessitating innovative solutions due to limited land and infrastructure.
Soul Parking, supported by AC Ventures as an early investor, thrived during the pandemic by adapting strategies to evolving mobility trends. The company capitalized on the growing wave of urbanization and transportation enhancements, further enhanced by its mechanized vertical motorcycle storage and innovative parking management software.
Its most recent technological offering comes in the shape of an operating system that seamlessly integrates an asset-light solution with parking management software, establishing an industry standard. This forward-looking approach has not solely diminished capital expenditure but has also hastened the payback period for clients.
The introduction of Soul Parking's hardware-as-a-service model underscores its dedication to furnishing accessible and economical parking solutions. By providing the option to rent its parking equipment and systems, the company has curtailed initial payments for landowners, creating a market alternative that is both more flexible and appealing.
By concentrating on the B2B sector, the startup has crafted custom-made solutions for diverse stakeholders. Notably, it has tailored its services to meet the requirements of landowners and parking service providers in various sectors including healthcare, hospitals, government agencies, modern retail, and a range of property types.
Meanwhile, Soul Parking notes its ascendancy in the mobility market is coinciding with the impending electric vehicle (EV) revolution in Indonesia. Currently, Indonesia's EV two-wheeler penetration hovers at 0.2% of the market, presenting an opportunity to surpass 10% within the next five years, contingent on collaborative efforts between public and private stakeholders to foster a conducive local EV sector.
To accelerate widespread EV adoption in Indonesia, the startup has embarked on the transformation into a nationwide hub for EV charging. This initiative encompasses vital infrastructure, along with battery charging and storage facilities tailored for electric motorbikes. This move aligns seamlessly with Indonesia's policies and aspirations to shift traditional motorcycles to electric counterparts, effectively tackling the environmental challenges posed by today's conventional two-wheelers.
Soul Parking is led by Kenneth Darmansjah as CEO, Andru Wijaya as chief business officer, and Unggul Depirianto as chief technology officer. Reflecting on the company's trajectory, Darmansjah said, "Our growth over the past three years is a manifestation of our relentless pursuit of innovation, customer satisfaction, and environmental stewardship. We are not only addressing today's urban challenges but actively shaping an exciting and efficient future for urban mobility in Indonesia."
The complex urban landscape of Indonesia, with its congestion challenges, escalating land prices, and the discrepancy between population growth and road expansion, requires innovative solutions. Soul Parking believes that its strategic initiatives exemplifies a promising solution to these issues.
“As Soul Parking continues its journey, the successes of the past three years offer a glimpse of our potential and the transformative impact our technology can have on urban life in Indonesia and beyond,” said Darmansjah.
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