ION Mobility founder James Chan
Singapore-based smart electric motorbike company ION Mobility is set to be acquired by Indian two-wheeler giant, TVS Motor.
The deal, expected to be finalised on 1 April 2025, will see TVS Motor take over all of ION Mobility’s assets and intellectual property.
TVS is an investor in ION Mobility, having invested in the EV startup’s US$18.7 million Series A round in February 2023.
James Chan, founder and CEO of ION Mobility, will transition to TVS Motor as Senior Vice President, heading both ASEAN operations and the ION M1-S platform.
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“We couldn’t have found someone better to work with in the long run than TVS, so as to fully realise our vision and roadmap for the M1-S and our other planned models,” Chan said in a statement posted on the startup’s website. “With TVS as the world’s 4th largest two-wheeler industry titan, the ION M1-S will be relaunched in Indonesia (and beyond) with way-better quality and manufacturing considerations, while our team integrates with the rest of the company to bring our unique blend of superpowers and shake up the ASEAN 2W industry (and beyond) in the months and years ahead.”
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.
The ION M1-S is expected to be relaunched in Indonesia and other markets with enhanced quality and manufacturing standards under TVS Motor. TVS Motor’s acquisition will enable ION Mobility to realise its vision for the M1-S and future models, leveraging the Indian auto giant’s resources and market position.
“When I founded this company back in Oct 2019, selling out wasn’t something I had envisioned as our eventual outcome. I had longer-term (and broader) plans for ION to start in 2W mobility, but to then cross over into energy storage and charging infrastructure,” he added.
He noted that a multi-industry approach was necessary to thoroughly solve the challenges he foresaw in enabling delightful and performant electric scooter or motorcycle automotive-grade mobility across Indonesia and eventually throughout the other key markets of Southeast Asia.
Also Read: ION Mobility lands US$6.8M as it prepares to launch smart e-motorbike in Singapore
“We tried our best to secure additional financing to continue operating as an independent team and brand but ultimately failed to find other investor-partners who truly understood our team and our play… I thank my team and my investors for supporting me on our moonshot and take full accountability for not having done better,” Chan shared.
Despite facing challenges in securing additional funding to remain independent, the company claims to have achieved considerable milestones.
These include:
- Growing to over 130 employees across seven locations in four countries, including Singapore, Indonesia, and Vietnam.
- Raising US$25.5 million since 2020 through two funding rounds.
- Developing the ION M1-S electric scooter, with 421 R&D parts created from scratch.
- Completing two homologations for the ION M1-S in Indonesia, achieving 65-66 per cent local content.
- Launching a flagship showroom in South Jakarta and establishing a manufacturing plant in Karawang, Indonesia.
The startup’s other backers are AC Ventures Malaysia, Michael Sampoerna, TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture, Seeds Capital, and Quest Ventures.
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