SG-based ION Mobility secures strategic investment from India's TVS Motor

SG-based ION Mobility secures strategic investment from India's TVS Motor

Photo: Unsplash

ION Mobility, a Singapore-based EV startup that produces smart electric bikes and energy storage solutions, has secured a strategic investment from the Indian automobile major TVS Motor.

TVS Motor will be investing in the EV startup through its Singapore subsidiary. TVS Motor will provide ION with the necessary ecosystem support for the latter’s expansion in the electric two-wheeler markets of Singapore and Indonesia, it said in a statement.

TVS Motor managing director Sudarshan Venu said, “We are thrilled to partner with ION Mobility, a full-stack EV company with a strong team of engineers and technical base in Singapore, to drive the premium electric two-wheeler growth in the region. We share a common vision and are eager to support them as a strategic investor.”

The strategic investment is part of ION Mobility’s $18.7-million Series A funding round. AC Ventures Malaysia, Michael Sampoerna, and ION Mobility chief manufacturing officer Ng Ho Sen, with existing investors TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture and Seeds Capital have participated in the round.

The EV maker plans to use the proceeds to expand in Indonesia by investing in its team, sales and marketing presence, supply chain networks, production tooling, and manufacturing capabilities. The company is targeting to achieve at least 50% local content.

“We are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to accelerate our ‘Mobius’ M1-S production readiness, as well as the design and development of other models. We look forward to leading the charge towards an electric and sustainable two-wheeler future together,” said James Chan, founder and CEO, ION Mobility.

The funding comes after ION Mobility’s launch of its M1-S electric scooter in Jakarta in November 2022, which also saw the company sign a pact with Indonesia’s national grid operator PT Perusahaan Listrik Negara (PLN) to expand its charging network, in addition to two-wheeler fast-charging technology research, user outreach and education.

The new funding round brings the total capital raised by the company to over $25.5 million since 2020.

The company’s decision to expand into Indonesia comes at a time when the country is aiming to become a major player in the EV supply chain — initially as a battery supplier and eventually as a hub for both two- and four-wheeler EV manufacturing, as reported by DealStreetAsia.

Two-wheeler manufacturing in Indonesia is already beginning to gain some traction through local players such as Electrum, backed by GoTo, and TBS Energy. Two-wheelers are likely to take the lead in the transition to an EV future, given the manufacturing and battery-swapping infrastructure in the country. 

Edited by: Padma Priya

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