Funding

GrabWheels Scores US$30M Funding To Develop And Deploy Two-Wheeler EVs In SEA

Grab’s mobility arm GrabWheels announced today (Feb 13) that it has secured US$30 million of funding from Taiwanese electric vehicle firm KYMCO as part of its ongoing Series A round.

With this investment, both firms will jointly develop and deploy two-wheeler electric vehicle (EV) solutions to drive the adoption in Southeast Asia.

Specifically, the EVs refer to KYMCO’s Ionex electric bikes and Ionex EV charging platforms. These will be launched in Southeast Asian cities where Grab operates.

The partnership will also include a research study in which GrabWheels and KYMCO will explore how best to develop a shared two-wheel EV service, build electric charging infrastructure and ensure KYMCO’s EVs meet the licensing requirements across the region.

By gaining insights on how to better operationalise and expand EV fleets, Grab can co-develop policies with governments with the aim of making EVs more affordable, thus encouraging driver-partners and fleet owners to adopt EVs. 

“We are proud to partner with KYMCO to invest in and accelerate the EV adoption and infrastructure in Southeast Asia. This joint effort also underscores our commitment to work with strategic partners and local governments to bring about a safer and more environmentally sustainable transport network,” said Chris Yeo, Head of Grab Ventures and New Platform Business.

“We are grateful for KYMCO’s support and conviction in our business strategy and market position to provide more mobility services to our users.”

Featured Image Credit: Land Transport Guru

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