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Grab secures USD 30 million funding for GrabWheels service

The investment comes from Taiwanese motorcycle maker KYMPCO.

GrabWheels, the two-wheel electric vehicle unit of Grab, has secured a USD 30 million investment from Taiwan’s motorcycle maker KYMPCO as part of a strategic partnership to accelerate the adoption of electric vehicles in Southeast Asia.

According to a media statement, the partnership will enable both firms to jointly explore developing and deploying two-wheel electric vehicles, specifically KYMCO’s Ionex electric bikes as well as its charging platforms in the Southeast Asian cities Grab operates in.

The partnership will also include a research study where both parties will look into how best to develop a shared two-wheel electric vehicle service and build electric charging infrastructure in Southeast Asia.

The USD 30 million capital injection into GrabWheels is part of its ongoing Series A round.

Grab has been steadily expanding its electric vehicle ecosystem by collaborating with governments and partners like automakers and electricity providers.

However, this has not come without challenges. In November last year, GrabWheels had to suspend its e-scooter service to comply with Singapore’s Land Transport Authority to ban e-scooters on all footpaths. In Indonesia during the same month, Grab promised to crack down on e-scooter users who violate regulations after two 18-year-old users died in a collision with a car.