GrabWheels secures $41.6m funding from EV maker KYMCO

It will help develop and deploy two-wheel EVs in cities where Grab operates.

GrabWheels has secured $41.6m (US$30m) fresh funding from Taiwanese electric vehicle (EV) maker KYMCO, according to a news release.

The capital injection is part of an ongoing Series A round.

The partnership will enable both firms to develop and deploy two-wheel EVs, specifically KYMCO’s Ionex electric bikes, as well as the Ionex EV charging platforms in cities where Grab operates.

Both firms will also look into how best to develop a shared two-wheel EV service, build electric charging infrastructure, and ensure KYMCO’s EVs meet the licensing requirements across Southeast Asia.

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