Indian two-wheeler maker TVS joins US$18.7M Series A round of ION Mobility

Singapore-based smart electric motorbike company ION Mobility has secured US$18.7 million in its Series A round of financing from investors, including India’s leading two-wheeler maker TVS Motors.

Other investors are AC Ventures Malaysia, Michael Sampoerna, and ION’s CMO Ng Ho Sen. Existing investors TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture, and Seeds Capital also joined.

Also Read: ‘Singapore isn’t ready for mass adoption of EVs yet; hybrid may be better for the present’

This brings ION Mobility’s total capital raised to over US$25.5 million since 2020.

TVS made the strategic investment through its subsidiary TVS Motor (Singapore). It will provide the necessary ecosystem support for the e-vehicle startup to succeed in the electric two-wheeler markets of Singapore and Indonesia.

ION will use the fresh capital to grow its Indonesia team, operations and capabilities. This includes its sales and marketing presence, local supply chain networks, production tooling and manufacturing capabilities in Indonesia to achieve at least 50% local content.

This announcement comes on the heels of the company’s launch of its M1-S electric scooter in Jakarta in November 2022. It also signed a broad-ranging Memorandum of Understanding with Indonesia’s national grid operator PLN to expand its charging network and two-wheeler fast-charging technology research and user outreach and education.

ION Mobility Founder and CEO James Chan said: “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.”

Also Read: ION Mobility lands US$6.8M as it prepares to launch smart e-motorbike in Singapore

Founded in 2019, ION Mobility aims to become a technology company leading the region’s transition towards a low-carbon economy with consumers’ electric and electric mobility products. It wants to provide clean alternatives for urban users to alleviate urban air pollution and lead the transition to electric vehicles (EVs) across Southeast Asia, starting with motorbikes.

The plan is to convert the 200-plus million motorcycle users from petrol to electric to drive a sustainable future in Southeast Asia.

In October 2021, ION completed its US$6.8 million seed financing, co-led by Quest Ventures and TNB Aura.

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