TVS-M picks up majority stake in Euro e-bike EGO Movement
TVS Motor Co has struck a partnership with EGO Movement as a majority shareholder, in an all-cash deal through its Singapore subsidiary TVS Motor (Singapore) Pte Ltd.
The partnership is in line with TVS Motor Company’s commitment to building an aspirational product portfolio while nurturing sustainable and scalable brands. It also reiterates the strategy to expand global presence in developed markets, commencing with Europe, which serves as the heart of the e-bike mobility landscape.
Led by the co-founders Daniel Meyer and Marie So, EGO Movement is a Swiss tech entity providing innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes, and e-scooters.
It combines unique designs with innovative software and hardware to deliver a differentiated customer experience. It has an omnichannel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe, combining the best of strategically located stores with a seamless online experience.
Sudarshan Venu, JMD, TVS Motor Company, said, “This reaffirms our 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. EGO Movement has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its helm. Together, we will address global urbanisation by delivering e-mobility solutions with e-bicycles and mobility across a diversity of forms.”
Venu further added, “It is also an important milestone in our journey to grow our presence in Europe, with the Norton Motorcycles acquisition last year and now the launch of the personal e-mobility platform.”
Over the past decade, the personal mobility landscape has evolved significantly with the global sustainability agenda, increasing urbanisation and advancement in battery technology. The global pandemic also became a key catalyst in accelerating the adaption to personal mobility.