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Taiwan’s Kymco backs electric vehicle startup Twenty Two Motors

By Keshav Sunkara

  • 15 Oct 2018
Taiwan’s Kymco backs electric vehicle startup Twenty Two Motors
Parveen Kharb & Vijay Chandrawat, Co-Founders, Twenty Two Motors and Allen Ko,-Chairman, KYMCO

Taiwanese two-wheeler maker Kwang Yang Motor Co. Ltd, or Kymco, is investing in Gurugram-based electric vehicle startup Twenty Two Motors Pvt. Ltd.

The Economic Times reported, citing people aware of the development it didn’t name, that Kymco will pick up a stake of over 25% in Twenty Two Motors and that it will invest $65 million (Rs 480 crore) in the Indian company.

Twenty Two Motors will use the proceeds for setting up a new plant and for localisation of batteries over the next three years, according to the report.

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When contacted by VCCircle, Twenty Two Motors co-founder Vijay Chandrawat declined to comment on the investment. Kymco didn’t immediately respond to an email request for comments.

Separately, the two companies announced a partnership that will allow them to share knowledge, technology and expertise to create premium electric mobility architectures in India, according to a press statement. The companies will launch two wheelers under the Twenty Two Motors Kymco brand from early next year.

Parveen Kharb, co-founder and chief executive of Twenty Two Motors, said in the statement the tie-up will strengthen their expertise and enable them to build innovative, powerful and smart electric vehicles.

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Kymco was founded in 1964. It originally started out with technology transfer from Japan’s Honda. Its current product range includes scooters, motorcycles and mobility scooters.

Electric vehicle startups

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A number of other startups have also forayed into the electric vehicle segment and raised funding from investors.

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In July, Hero MotoCorp decided to invest Rs 130 crore ($19 million) more in Ather Energy. The two-wheeler maker had first invested Rs 205 crore in Ather Energy in 2016.

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