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GrabWheels raises US$30m in ongoing Series A round

GrabWheels raises US$30m in ongoing Series A round

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2 -min read
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THE mobility arm of ride-hailing giant Grab, GrabWheels, announced on Thursday it has raised US$30 million from Taiwan's electric vehicle (EV) leader Kwang Yang Motor Co (KYMCO).

This is part of a strategic partnership to invest in and develop two-wheeler EV solutions to accelerate the adoption of EVs in South-east Asia, said the company in a press release.

KYMCO's Ionex electric bikes, as well as the Ionex EV charging platforms, will be deployed in South-east Asian cities where Grab operates, it said. 

Chris Yeo, head of Grab Ventures and New Platform Business, said: "We are proud to partner KYMCO to invest in and accelerate the EV adoption and infrastructure in South-east Asia...The continued support from top-notch strategic partners attests to Grab's ability to execute and hyperlocal focus to deliver first-to-market innovations."

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

GrabWheels, a unit of venture building and venture investments arm Grab Ventures, declined to comment if its two-wheeler EV will be categorised as a Personal Mobility Device (PMD) here. However, KYMCO's website lists its EVs in the Ionex line as electric scooters.

In Singapore, e-scooter adoption has been testy due to tight regulations and a spate of e-scooter accidents.

In November, Grab progressively suspended shared e-scooter service GrabWheels in Singapore following an e-scooter ban on footpaths, confining the PMDs to 440km of cycling paths islandwide, instead of the additional 5,500km of footpaths riders could use before.