TVS Motor (Singapore) invests an additional USD 5.5 million in ION Mobility

On March 14, 2024, TVS Motor Company Limited (TVSM) disclosed the acquisition of additional shares in Ion Mobility Private Limited by its subsidiary, TVS Motor (Singapore) Pte. Ltd. (a wholly-owned subsidiary of TVSM). The investment amounts to USD 5.5 million, with TVS Motor (Singapore) Pte. Ltd. subscribing to 1,820,326 Series AA Shares of Ion Mobility, increasing its aggregate shareholding to 25.64%. Prior to this, Ion Mobility had raised USD 18.7 million in a Series A round. Thus, Ion Mobility is now an Associate of both TVS Motor (Singapore) Pte Limited and TVS Motor Company Limited.

The purpose of the additional investment is to support the electric ecosystem in Southeast Asia. This investment is being made in tranches, with the first tranche of USD 2.5 million completed on March 14, 2024, and the remaining USD 3 million to be invested before March 31, 2024. The new funding round brings the total capital raised by ION to over USD 31 million since 2020. The acquisition does not constitute a related party transaction, and there are no governmental or regulatory approvals required. The consideration for the acquisition is in cash.

Ion Mobility, incorporated on October 1, 2019, operates in the tech and automotive OEM sector, focusing on sustainable mobility and energy solutions in Southeast Asia with a net worth of SGD 14,149,127.72.

Also read: TVS Motors invests in Singapore-based E2W company ION Mobility