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Grab raises $30m from Taiwanese automaker KYMCO

Singapore-headquartered ride-hailing major Grab has secured $30 million in funding for its new mobility arm, GrabWheels, from Taiwan-based automaker KYMCO.

Grab issued a statement confirming the funding on Thursday. In its statement, Grab said the funding for GrabWheels is part of an ongoing Series A round. As part of the partnership, the ride-hailer and KYMCO will explore developing and deploying two-wheel electric vehicles (EVs), specifically KYMCO’s Ionex electric bikes, as well as the Ionex EV charging platforms in Southeast Asian cities.

They also plan to conduct a research study on how best to develop a shared two-wheel EV service, build electric charging infrastructure, and meet Southeast Asia’s varied licensing requirements.

GrabWheels, which was originally the e-scooter arm of the company, has repositioned itself to focus on new mobility options, including two-wheel electric vehicles. A directive from Singapore’s Land Transport Authority in November 2019 prohibited e-scooters on all footpaths, leading to GrabWheels suspending its service in the city-state.

Read more at: https://www.dealstreetasia.com/stories/grab-kymco-174703/

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