TVS Motors invests in Singapore-based E2W company ION Mobility

TVS Motors has entered into an investment agreement with ION Mobility to provide the latter with necessary ecosystem support in the markets of Singapore and Indonesia. The investment comes as a part of US$18.7 million Series A round raised by ION Mobility. Other investors include AC Ventures Malaysia, Michael Sampoerna and ION’s Chief Manufacturing Officer Ng Ho Sen, with existing investors such as TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture and Seeds Capital.

This new funding round brings the total capital raised by ION to over US$25.5 million since 2020. The company will invest the capital into Indonesia to grow its local team, operations and capabilities. This includes its sales and marketing presence, local supply chain networks, production tooling and manufacturing capabilities in Indonesia, in order to achieve at least 50% local content.

ION launched its M1-S electric scooter in Jakarta in November 2022.

Speaking on the occasion, Mr. Sudarshan Venu, Managing Director, TVS Motor Company said, “TVS Motor is committed to developing exciting products for consumers across global markets. 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 partnership is in line with TVS Motor Company’s commitment to build an aspirational product portfolio while associating with sustainable and scalable brands. It also reiterates the company’s strategy to expand its global presence.

ION Mobility Founder and CEO, James Chan said, “I am delighted with the vote of confidence that my team and I have received from TVS Motor via the funding round and partnership. 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 & sustainable two-wheeler future together.”