- TVS Motor picked up 80 per cent stake in EGO for $17.9 million
- The immediate focus of the company is to expand presence in Europe by taking the number of stores to 32 by 2025 from current 5 stores
TVS Motor Company has acquired Switzerland based e-bike maker EGO Movement. Reports said that TVS Motor picked up 80 per cent stake in EGO for $17.9 million.
TVS Motor picked up 80 per cent stake in EGO for $17.9 million with an eye on generating over $100-150 million dollars in the next three to five years by participating in growing demand for e-bikes in the European continent.
Sudarshan Venu, Joint MD, TVS Motor Company, said, the partnership with EGO Movement reaffirms TVS Motor Company’s commitment towards electrification and the broader sustainability agenda. He added that EGO Movement has a strong presence in Europe with customer-centric products, a unique omnichannel network and a visionary team at its helm. Together, they will address global urbanisation by delivering unique e-mobility solutions with e-bicycles and mobility across a diversity of forms.
The immediate focus of the company is to expand presence in Europe by taking the number of stores to 32 by 2025 from current 5 stores. The company does plan to expand into the Indian market eventually, but did not define the timeline for the same.
Sudarshan added that the segment will have for a strong growth in the future and is expected to touch $30 billion in the coming five years and almost $7 billion in Europe itself, which TVS want to participate in the coming years. TVS Motor claims, EGO Movement combines unique designs with innovative software and hardware to deliver a differentiated customer experience. It has an omnichannel network across Switzerland, Liechtenstein and Germany with plans to expand across Europe.
