Earning a Series A funding, ION Mobility intends to grow its sales records, supply chain networks, and production tooling to attain 50% local content in Indonesia.
Heaptalk, Jakarta — A Singapore-based technology company that offers mobility solutions, ION Mobility, announced has obtained a new injection worth US$18.7 million, or equal to Rp278 billion, in a Series A funding round. This new funding round delivers the total capital raised by ION to over US$25.5 million, approximately Rp379 billion, since 2020.
This technology company based in Singapore will allocate this injection to evolve the business reach in Indonesia by formulating teams, operations, and capabilities in the archipelago. Through these strategic objectives, ION Mobility expects to grow its marketing and sales record, local supply chain network, production tooling, and manufacturing capabilities in the country to attain a minimum of 50% local content.
TVS Motor Company, through its subsidiary in Singapore, leads this investment round and is participated by AC Ventures Malaysia, Micahel Sampoerna, and Chief Manufacturing Officer of ION, Ng Ho Sen. Several existing investors, spanning TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Ventures, and Seeds Capital also involved in this round.
ION Mobility also teams up with this motorcycle manufacturer company as a part of this investment agreement. TVS Motor will provide ION with the necessary ecosystem support to succeed in Singapore and Indonesia’s electric two-wheeler market.
In response to this new business capital from investors, the Founder and CEO of ION Mobility, James Chan, voiced, “I am delighted with the vote of confidence that my team and I have secured from TVS Motor through this investment and business partnership,”
With this new achievement, Chan claimed his parties are excited to draw upon TVS Motor’s decades of global expertise in two-wheelers to expedite the new production of the M1-S ‘Mobius” product and the design and other models development. By focusing on the production process reinforcement, Chan looks forward to sustainably leading the position in granting an electric two-wheel vehicle.
Becoming the strategic investor of this investment round, the Managing Director of TVS Motor Company, Sudarshan Venu, admitted, “TVS Motor is committed to enhancing exciting products for consumers across global markets. By partnering with ION Mobility, we are thrilled to drive the premium electric two-wheeler growth in the region,”
