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PT Ilectra Motor Group (IMG or ALVA) with its brand ALVA has finalized its Series B fund raise, totalling up to USD50 million. The round which included all previous investors, is led by Horizons Ventures. New investors include HH-CTBC Partnership, L.P. (Foxconn Co-GP Fund), which together with Horizon Ventures and Indika Energy, form the largest investors of IMG to date. New investors other than Foxconn Co-GP fund include Brama One Ventures. Proceeds from the Series B funding will be used.

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