TVS Motor enters e-bike space, acquires majority stake in EGO Movement
- ByStartupStory | September 18, 2021
TVS Motor Co collaborates with European e-scooter brand EGO Movement after it acquired a majority stake of $17.9 million, thereby marking its entry into the personal e-mobility business.
The all-cash deal of 80 percent stake was conducted through its subsidiary TVS Motor (Singapore) and is in line with TVS’ strategy to expand its global presence in developed markets, commencing with Europe, which serves as the heart of the e-bike mobility landscape. TVS Motor, the global manufacturer of two-wheeler and three-wheeler vehicles expects to generate revenue of $100-150 million from the e-bike business in another five years.
EGO Movement, led by the co-founder’s Daniel Meyer and Marie So is a Swiss technology company that provides innovative mobility solutions through a portfolio of e-bikes and e-cargo bikes. It has a network across Switzerland, Liechtenstein, and Germany with plans to expand across Europe, combining with an effortless online experience.
“The partnership with EGO Movement reaffirms TVS Motor Company’s commitment towards electrification and the broader sustainability agenda. We are building a strategic personal e-mobility ecosystem by scaling unique brands which share our vision of delivering compelling customer experience benchmarks through cutting-edge, aspirational products,” TVS Motor Company Joint Managing Director Sudarshan Venu said in a statement.
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