India’s TVS Motor buys majority stake in Swiss firm for £13m
Led by co-founders Daniel Meyer and Marie So, EGO Movement is a Swiss technology company that provides innovative mobility solutions (Photo: TVS Motor)
INDIA’S TVS Motor entered into the personal e-mobility segment by acquiring a majority stake in Switzerland-based EGO Movement for £13 million, the company said on Thursday (16).
The company, through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd, will acquire an 80 per cent stake in the brand, and the rest will remain with the current promoters.
Led by co-founders Daniel Meyer and Marie So, EGO Movement provides innovative mobility solutions through a portfolio of e-bikes, e-cargo bikes and e-scooters.
The firm has an omnichannel network across Liechtenstein and Germany besides Switzerland and has plans to expand across Europe.
“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.
EGO Movement has a strong presence in Europe with customer-centric products, a unique omnichannel network, and a visionary team at its helm, he said.
“Together, we will address global urbanisation by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms,” he said, adding, “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.”
Speaking more in a virtual press conference, the joint MD said the electric-bicycle segment has been growing dramatically, particularly in Europe and America.
“It is forecast to be a $20bn market in five years and is growing rapidly. The largest markets currently for e-bikes are Germany and the Netherlands. It is huge in Europe but is also expanding to America and other parts of the world. I think it would also be an important urban mobility solution in various Asian countries including India,” Venu said.
He added that there are ten company-owned stores already in Europe, and it will look at India, America, and other markets as well.
EGO Movement has more than 10 products in its portfolio catering to the varied needs of customers and plans to add 10 more models to the portfolio.
“We are confident that together with TVS Motor Company, we will be able to create more value for all partners and customers of EGO Movement focusing on further growth by following our mission of a greener way of e-mobility,” Meyer said.