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GrabWheels amassed US$30 Million in ongoing Series A Round

Grab’s eScooters rental GrabWheels announced a Series A funding amounting to US$30M from Kwang Yang Motor Co (KYMCO) to step up its Electric Vehicle (EV) adoption in Southeast Asia.

Grab has been constantly growing its EV ecosystem by working together with the government and other automakers and electric providers. The use of EVS has also been growing but the adaptation is quite passive.

With the GrabWheels new funds, Grab, together with KYMCO aims to develop a two-wheeler EV solution to quicken the adaptation of EVs in Southeast Asia, where Grab is most dominant. Through the strategic partnership, both firms are able to explore developing and deploying the two-wheel EV.

“We are proud to partner with KYMCO to invest in and accelerate the EV adaptation and infrastructure in Southeast Asia. This joint effort also underscores our commitment to work with strategic partners and local governments to bring about a safer and more environmentally sustainable transport network,” said Chris Yeo, Head of Grab Ventures and New Platform Business.

As part of the partnership, KYMCO’s lonex electric bikes and the lonex EV charging platform will be deployed in Southeast Asia where Grab is currently operating.

KYMCO Lonex featured image
KYMCO Lonex (credits: kymco.com.au)

“The transition towards electric vehicles is one of the most significant transformations of personal transportation for the next 10 years,” commented Allen Ko, Chairman of KYMCO Group. “Accelerating this transition, KYMCO lonex is the EV turnkey solution that empowers all businesses and governments to go electric,” Ko added.

Grab and KYMCO also plans to add a research study on how to properly develop a shared two-wheel EV service, build an electric charging framework, and ensure that the EVs will meet its licensing requirements.

‘We are grateful for KYMCO’s support and conviction in our business strategy and market position to provide more mobility services to our users,” Yeo added.

About KYMCO

KYMCO or Kwang Yang Motor Co, Ltd, is a Taiwanese company that manufactures motor scooters, motorcycles, and ATVs for worldwide distribution. As one of the global leading Powersports brans, KYMCO’s mission is to create personal vehicles that win the hearts of consumers all over the world.

KYMCO’s current product range includes scooters, motorcycles, mobility scooters, ATVs and utility vehicles.

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