- Friday, April 19, 2024
By: Shubham Ghosh
INDIA’S TVS Motor on Thursday (16) said it has bought a majority stake in Switzerland-based e-bike brand EGO Movement for Rs 131 crore (£13 million) to enter the personal e-mobility segment.
The company, through its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd, is acquiring an 80 per cent stake in the brand with 20 per cent left with the current company promoters.
Led by co-founders Daniel Meyer and Marie So, EGO Movement is a Swiss technology company which 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. In 2020, it had generated revenues worth five million Swiss francs.
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“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 USD 20 billion 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.
When asked to elaborate on the future plans for the business, he said: “The plan is to really scale up the business in Europe. There are ten company-owned stores already in Europe. And then potentially look at India, America, and other markets as well.
In India, the leisure market would have good potential in the short to medium term, Venu noted.
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.
