Ho Chi Minh City – The Private Infrastructure Development Group (PIDG), through its project development solution, InfraCo, has exited from Dat Bike following a successful redemption of its convertible note. Dat Bike, Viet Nam’s fastest-growing high-performance electric motorbike producer, received a USD 4 million convertible loan from InfraCo in 2024 as part of its growth strategy. In September 2025, Dat Bike raised USD 22 million in its Series B fundraise, which was further increased to a total of USD 26 million with a second close in March 2026. The fundraising round was co-led by Japan’s F.C.C. Co., Ltd. and Rebright Partners, with participation from existing investor Jungle Ventures, AiViet Venture and new investors Thien Viet Securities (TVS) and Cathay Venture.
Son Nguyen, CEO of Dat Bike said:
“PIDG backed Dat Bike when access to growth capital was limited and remained a trusted partner throughout our growth journey. Their investments supported the expansion of our manufacturing facility and helped strengthen our production capabilities. During this period, we scaled our monthly production tenfold, expanded our sales channels, and strengthened our position in the market. This growth laid a strong foundation for our successful Series B fundraise and our continued mission to make cleaner, more affordable mobility accessible across Viet Nam.”
Taking an active role in the company’s governance, PIDG provided strategic guidance and worked with Dat Bike to introduce greater flexibility into its financing arrangements as the company scaled, including helping accommodate new investors during the Series B round. This collaboration formed part of Dat Bike’s broader efforts to manage its capital requirements and secure additional financing during a period of rapid expansion.
Gilles Vaes, Chief Investment and Project Development Officer at PIDG said:
“At PIDG, our role is to support businesses at critical stages of their development, particularly where commercial financing is not yet readily available. Contributing through our sector expertise, board-level guidance, flexible financing and HSES[1] oversight to Dat Bike’s strong execution capabilities, we have together established the foundations needed to scale sustainably. Combined with favourable market conditions – including growing consumer adoption of electric vehicles and increasing policy support in Viet Nam – the company is well positioned for growth. We are proud to have supported Dat Bike on its journey from an emerging manufacturer to a business capable of attracting significant follow-on investment.”
The funding facilitated the set-up of an improved manufacturing facility, including warehouse system implementation, battery production upgrades, equipment procurement, and product reengineering. PIDG also provided HSES guidance to support Dat Bike’s operational improvements. The funding was also utilised to expand Dat Bike’s sales channels from 4 to 70 stores, and contributed to the creation of over 200 jobs across construction, operations and maintenance.
Together with PIDG, Dat Bike strengthened workplace conditions for its employees through heat-mitigation measures including high-volume low-speed fans, air conditioning, heat insulation, and climate-risk indicators to manage worker heat exposure. The company also adopted best-in-class HSES risk management, leveraging regular employee training and a comprehensive occupational health and safety management system to proactively identify, manage and reduce workplace risks.
Over Dat Bike’s loan tenure, the company contributed to an estimated 25,000 tCO₂e in avoided greenhouse gas emissions through the adoption of its electric motorbikes. End user surveys of customers by 60 Decibels also found that riders reporting an increase in income primarily from lower fuel expenses, maintenance costs and charging costs. They also shared improvement in quality of life from increased riding comfort and ease of use.
Dat Bike’s expansion also allowed it to partner with Grab, including direct rider financing via Grab Finance and fleet operator partnerships – engaging the wider commercial ecosystem including financing institutions, maintenance providers and insurers.
The investment supports SDG 11: Sustainable Cities and Communities and SDG 13: Climate Action by providing safe, affordable and sustainable transport systems to Vietnamese consumers.
PIDG’s engagement in the project also helped strengthen the focus on gender equality. Building on its own ambition to reach a broader and more diverse customer base, this year, Dat Bike launched the ERA model, designed to meet the needs of a broader customer base, particularly women and families.
At the organisational level Dat Bike maintained gender diversity at the leadership level as it grew, with women representing one-third of governance positions by September 2026 (33 per cent, up from 32 per cent in August 2024), meeting the governance-related criteria of the 2X Challenge. This ensured that progress in business growth was accompanied by continued gender inclusion in corporate decision-making.
With business expansion, Dat Bike also increased the absolute number of women employed across the company, particularly among its growing contractor workforce. To support this, with PIDG guidance, the company developed a recruitment plan informed by a gender-sensitive workforce analysis and focused on inclusive workplace culture and diversity monitoring.
Viet Nam’s transition to electric mobility has accelerated significantly since PIDG’s investment in Dat Bike. The Vietnamese government continues to target 100 per cent of road vehicles to be powered by electricity or green energy by 2050[2], while major cities like Hanoi and Ho Chi Minh City are establishing low-emission zones and restrictions on internal combustion engine (ICE) motorcycles[3].
Dat Bike’s motorbikes are designed to address this shift by offering a competitive product that can drive mass-market adoption. Its flagship Quantum S series offer a range of up to 285 km, nearly double that of many competitors, while delivering performance comparable to conventional internal combustion engine (ICE) motorcycles. Over PIDG’s period of involvement, Dat Bike’s store network grew almost twenty times in response to customer demand, reflecting growing consumer confidence in their product, and in electric mobility as a viable alternative.
Looking ahead, Dat Bike is expanding strategic partnerships to accelerate technological innovation and strengthen its product offering. In September 2026, the company signed a Memorandum of Understanding with Toshiba Electronics Asia (Singapore) to develop more efficient, reliable and technologically advanced electric motorcycles. By combining local manufacturing capabilities, homegrown engineering talent and a resilient domestic supply chain, Dat Bike is well positioned to scale its business and support the transition to cleaner, more sustainable mobility in Viet Nam and across Southeast Asia.
Photo: Dat Bike’s production line at its expanded manufacturing facility, supported in part by PIDG’s financing and governance support. Source: Dat Bike.
[1] HSES: Health, safety, environmental and social
[2] Decision No. 876/QD-TTg, approved by the Prime Minister of Viet Nam on 22 July 2022
[3] HCM City to roll out low-emission zones from 2026; Hanoi to pilot gasoline motorcycle restrictions by zone within Ring Road 1 from July 1, with phased rollout | Index.vn
