GrabWheels banks $30m to drive two-wheel EV adoption in Southeast Asia

GrabWheels, the mobility arm of Singapore-based ride-hailing titan Grab, announced it has raised US$30 million in funding as part of its ongoing series A round.

The investment came from Kwang Yang Motor Co. (KYMCO), a Taiwanese manufacturer of motor scooters, motorcycles, and all-terrain vehicles, as part of a strategic partnership.

GrabWheels e-scooters at Sinar Mas-owned BSD City / Photo credit: Grab

With the partnership, GrabWheels and KYMCO plan to invest in, develop, and accelerate the adoption of two-wheel electric vehicle (EV) solutions in Southeast Asia.

The two companies are looking to deploy KYMCO’s Ionex electric bikes and EV charging stations in cities where Grab operates. They will also conduct a study that will look into developing a shared two-wheel EV service, building electric charging infrastructure, and ensuring KYMCO’s EVs meet the licensing requirements across the region.

“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.

According to the statement, Grab has been steadily expanding its EV ecosystem through collaborations with governments and partners such as automakers and electricity providers. By gaining insights from these partnerships, Grab said it can co-develop policies with governments aimed at making EVs more affordable and driving its adoption.

Last December, Grab announced its Electric Vehicle Ecosystem Roadmap with the Indonesian government. It partnered with automakers Hyundai, Astra Honda Motor, and Gesits to launch four- and two-wheel EV pilots in the Greater Jakarta region.

Prior to that, Grab announced a collaboration with Indonesia’s state-owned electricity provider to co-build a network of EV charging stations in the country.

In Singapore, however, the Ministry of Transport implemented tighter measures aimed at improving pedestrian and active mobility device user safety. It followed the city-state’s ban on the use of e-scooters on sidewalks, brought by a rise in pedestrian and rider injuries.