Kymco, a Taiwan-based electric two wheeler vehicle maker, has announced that it will be investing $65 million in Twenty Two Motors, a Haryana-based electric scooter startup. The funding round will be the biggest for the EV startup so far.
Previously, the company had raised around $1.6 million in its pre-Series A funding round in April last year. The round was led by Ishwar Singh, CEO, Haryana Industries. Farhaan Shabbir, former director of Harley-Davidson also participated and joined as a founding member.
The investment deal with Kymco is such that the funds will be provided over the course of three years. As a part of this deal, the companies will collaborate to develop electric two-wheelers for the Indian market.
Commenting on this, Parveen Kharb, CEO and Co-Founder of Twenty Two Motors said:
We envisioned to facilitate Indian customers with smart EV vehicles and a proper infrastructure with charging stations and efficient battery and our partnership with KYMCO is the next step in this direction. This unique partnership will prove to be a revolution for fundamentals of Indian auto sector which no one expected so far as we shall be creating a complete new ecosystem for premium EV mobility in India.
Twenty Two Motors was founded in August 2016 by Parveen Kharb and Vijay Chandrawat. The company aims to make cutting edge EV (electric vehicle) technology affordable for the current generation. Earlier this year, it launched ‘Flow’ at the Auto Expo 2018.
Flow, the company’s first electric vehicle, uses Artificial Intelligence. It is connected to a cloud server which can suggest upcoming service requirements. It also keep the driver updated on the touch dashboard display.