Ion Mobility CEO confirms acquisition by TVS Motor

TVS Motor has acquired Singapore-based e-scooter startup Ion Mobility, announced its founder and CEO, James Chan in his blog post today. This confirms Tech in Asia’s reporting of the deal back in January.

The deal included TVS Motor taking over all of Ion Mobility’s assets and intellectual property. Ion Mobility’s team, and its founder and CEO, James Chan, will join TVS as senior vice president on April 1, 2025. Chan will oversee the ASEAN market for the Indian two-wheeler firm.

TVS plans to relaunch Ion’s flagship electric scooter, the M1-S, with improvements in quality and manufacturing.

The scooter will be introduced in markets outside Indonesia under the TVS brand. The integration of Ion’s team with TVS aims to advance electric mobility solutions in the ASEAN region.

Founded in 2019, Ion Mobility struggled to maintain operations as an independent company despite securing funding and developing a strong product lineup.

“We tried our best to secure additional financing to continue operating as an independent team and brand, but ultimately failed to find other investor-partners who truly understood our team and our play,” Chan said.

The company had established a presence in Singapore, Indonesia, Vietnam, and China, employing over 130 staff members during its operations.

Financial terms of the acquisition have not been disclosed, although Tech in Asia reported in January that shareholders got back a fraction of the value.