Taiwan-based KYMCO or Kwang Yang Motor Co, Ltd, that manufactures motor scooters, motorcycles, and ATVs for global distribution, has invested whopping $65 million (~ ₹480 crores) in Gurgaon headquartered electric scooter startup Twenty Two Motors for reportedly 25% stake.
With this Kymco has marked it's entry into the Indian market and partnered Twenty Two Motors to compliment objectives and expertise of both the companies.
The partnership will also allow Kymco to bring it's Ionex battery swapping solution, which will be incorporated into the Flow electric scooter currently in sale in India by Twenty Two Motors.
The reworked Flow will launch early next year, priced at ₹ 74,740 (ex-showroom Delhi). Encouragingly, this is the price at which the current fixed-battery Flow is available. Delhi will see the first launch, followed by Bangalore.
Both the companies have also decided to open experience stores by Twenty Two Kymco in the major cities of New Delhi Gurgaon, Jaipur, Hyderabad, Pune and Bangalore soon afterwards.
Founded in 2016, by Parveen Kharb and Vijay Chandrawat, Twenty Two Motors had raised $1.6 million in its pre-series A round funding led by Mr. Ishwar Singh, CEO, Haryana Industries. Mr. Farhaan Shabbir, former director of Harley-Davidson, in April 2017.
Kymco, which is World's fourth largest electric scooter maker, annually sells about 7 lakh electric scooters globally. The company was founded in 1963 after splitting from Honda. It originally made parts for Honda. The company built its first complete scooter in 1970 and began marketing under the "KYMCO" brand name in 1992.
Besides Kymco, China-based EV company, Sunra, has also entered Indian market and is planning to set up its manufacturing facility in India however it has not invested in any Indian company.
Last December, India's third largest two-wheeler manufacturer, TVS Motors, has bought a 14.78% stake in Ultraviolette, a Bengaluru-based startup working on electric two-wheelers and energy infrastructure.
Prior to that, in October 2016, Hero MotoCorp Ltd had acquired a stake in Ather Enerygy, which is also a electric two-wheeler startup, also backed by Ratan Tata. Hero invested Rs.205 crore in Bengaluru based EV startup Ather Energy.
Source - Economic Times, Overdrive
[Top Image - Parveen Kharb & Vijay Chandrawat, Co-Founders, Twenty Two Motors and Kymco's Chairman, Allen Ko | Image - auto.ndtv.com]
With this Kymco has marked it's entry into the Indian market and partnered Twenty Two Motors to compliment objectives and expertise of both the companies.
The partnership will also allow Kymco to bring it's Ionex battery swapping solution, which will be incorporated into the Flow electric scooter currently in sale in India by Twenty Two Motors.
The reworked Flow will launch early next year, priced at ₹ 74,740 (ex-showroom Delhi). Encouragingly, this is the price at which the current fixed-battery Flow is available. Delhi will see the first launch, followed by Bangalore.
Both the companies have also decided to open experience stores by Twenty Two Kymco in the major cities of New Delhi Gurgaon, Jaipur, Hyderabad, Pune and Bangalore soon afterwards.
Founded in 2016, by Parveen Kharb and Vijay Chandrawat, Twenty Two Motors had raised $1.6 million in its pre-series A round funding led by Mr. Ishwar Singh, CEO, Haryana Industries. Mr. Farhaan Shabbir, former director of Harley-Davidson, in April 2017.
Kymco, which is World's fourth largest electric scooter maker, annually sells about 7 lakh electric scooters globally. The company was founded in 1963 after splitting from Honda. It originally made parts for Honda. The company built its first complete scooter in 1970 and began marketing under the "KYMCO" brand name in 1992.
Besides Kymco, China-based EV company, Sunra, has also entered Indian market and is planning to set up its manufacturing facility in India however it has not invested in any Indian company.
Last December, India's third largest two-wheeler manufacturer, TVS Motors, has bought a 14.78% stake in Ultraviolette, a Bengaluru-based startup working on electric two-wheelers and energy infrastructure.
Prior to that, in October 2016, Hero MotoCorp Ltd had acquired a stake in Ather Enerygy, which is also a electric two-wheeler startup, also backed by Ratan Tata. Hero invested Rs.205 crore in Bengaluru based EV startup Ather Energy.
Source - Economic Times, Overdrive
[Top Image - Parveen Kharb & Vijay Chandrawat, Co-Founders, Twenty Two Motors and Kymco's Chairman, Allen Ko | Image - auto.ndtv.com]
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