Vietnam-based used motorcycle platform OKXE has completed a ₩20 billion (approximately $14.5 million) Series A funding round from Korea’s Kwangju Bank and existing investors JB Financial Group and The Invention Lab, according to an announcement.
With this new investment, OKXE plans to expand its directly managed stores in Ho Chi Minh City and Hanoi.
It will also roll out AI and data-driven maintenance services and develop financial and insurance linkage models. OKXE aims to expand into a full-fledged mobility commerce platform that encompasses the entire used two-wheeler market across Southeast Asia.
Looking ahead, OKXE is positioning Singapore as its springboard for further expansion across the broader region.
In 2020, the online marketplace for motorcycles raised $5.5 million in a Series A funding round from South Korean venture capital firm Partners Investment.
The round was backed by South Korean investors, including IMM Investment Corp, KB Investment, Korea Omega Investment Corp, HB Investment, and SB Partners.
Launched first in Vietnam in 2019, the OKXE used motorcycle trading platform reached 8.2 million app download users by 2024. It boasts over 2,130 partner dealer shops and 1.57 million active users, with the value of listings on the platform exceeding 3.5 trillion VND in 2024.
In late 2024, the company entered the electric motorcycle business through a collaboration with VinFast, a subsidiary of the major Vietnamese conglomerate VinGroup.
