India-based two-wheeler maker TVS Motor Company said that its Singapore-based subsidiary would purchase a 25% ownership interest in Killwatt GmbH, a German startup engaged in manufacturing electric mobility products and components.

The total cost of the acquisition is approximately €2 million (~$2.1 million) and is expected to be completed by April 24, 2023.

According to a regulatory filing, TVS Motor (Singapore) has agreed to purchase 8,500 newly issued common equity shares at a cash consideration of €235.29 (~$281.6) per share.

Killwatt was incorporated on July 3, 2020, and is currently at a pre-revenue stage.

Killwatt’s business includes developing, designing, manufacturing, selling, and distributing high-tech components and products in the electric two-wheeler and three-wheeler vehicle sectors.

The company said it sees potential in Killwatt’s business model, and the acquisition is consistent with its vision to become a prominent player in the e-personal mobility segment, providing customers with sustainable mobility solutions.

This acquisition is part of TVS Motor’s larger vision to become a leading player in the e-personal mobility space and to provide sustainable mobility solutions to its customers.

The company added that Killwatt would be its strategic and long-term partner to establish a robust foothold in the e-mobility industry.

The acquisition comes at a time when India’s electric vehicle sector has seen remarkable growth of 300% last year, primarily driven by the sales of two and three-wheelers.

In January 2022, the Indian automotive manufacturer announced that it had acquired a 75% stake in the Swiss E-Mobility Group (SEMG). The company made the acquisition in an all-cash deal through its Singapore-based subsidiary.

Recently, India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors (EML), said it would acquire a 10.35% stake in European electric motorcycle manufacturer Stark Future with an initial equity investment of €50 million (~$53.2 million).