TVS Motor said that it acquired “identified assets” from Singapore-based e-scooter startup Ion Mobility for US$1.7 million in a disclosure to stock exchange BSE India. This comes after TVS Motor’s previously poured in over US$24 million into the company through its Singapore arm over the last two years.

However, TVS Motor mentioned that it divested stake in Ion Mobility in exchange for this acquisition, but failed to mention the buyer or if has written off its prior investments into the startup. It also didn’t mention what these assets purchased were.

Tech in Asia reached out to TVS Motor for comments.

In March, Ion Mobility’s founder and CEO, James Chan had confirmed the acquisition in his blog post. This was after Tech in Asia reported the deal back in January.

He had mentioned 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.