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TVS Motor to foray into e-bike area, buys majority stake in EGO Movement

TVS Motor Company on Thursday mentioned it has purchased a majority stake in Switzerland-based e-bike model EGO Movement for 16.6 million Swiss francs (round 131 crore) to foray into the personal e-mobility section.

The company by means of its Singapore Subsidiary TVS Motor (Singapore) Pte Ltd, is buying an 80 per cent stake in the model with 20 per cent left with the present company promoters.

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Led by the co-founders, Daniel Meyer and Marie So, EGO Movement is a Swiss know-how company offering modern mobility options by means of a portfolio of e-bikes, e-cargo bikes, and e-scooters.

The company has an omnichannel community throughout Switzerland, Liechtenstein, and Germany with plans to develop throughout Europe. It had generated revenues of 5 million Swiss francs in 2020.

“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 mentioned in an announcement.

EGO Movement has a powerful presence in Europe with customer-centric merchandise, a novel omnichannel community, and a visionary workforce at its helm, he added.

“Together, we will address global urbanisation by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms,” Venu famous.

He additional mentioned: “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.”

Elaborating additional in a digital press convention, he mentioned that the electric-bicycle section has been rising dramatically particularly in Europe and America.

“It is forecasted 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 mentioned.

He famous that the Swiss agency had income of 5 million Swiss francs in 2020 and now TVS goals to develop it exponentially over the subsequent 5 years to 100-150 million {dollars}.

“This year we expect its (EGO Movement) revenues to double to 10 million Swiss francs,” Venu mentioned.

When requested to elaborate on the longer term plans for the business, he mentioned: “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,” he added.

The company plans to scale up the gross sales community in Europe considerably. In India, the leisure market would have good potential in the quick to medium time period, Venu famous.

EGO Movement has greater than 10 merchandise in its portfolio catering to the numerous wants of consumers. It plans to add 10 extra fashions 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,” EGO Movement Co-founder and Chief Executive Officer Daniel Meyer mentioned.

The company rolls out merchandise from its Switzerland-based manufacturing facility. 

This story has been printed from a wire company feed with out modifications to the textual content. Only the headline has been modified.

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