TVS Motor Company on Thursday said it has acquired 75% stake in the e-bike maker Swiss E-Mobility Group (SEMG) at a valuation of $100 million, with plans to buy out the remaining 25% stake next year.

“We expect the e-bike segment to generate over $100 million (with SEMG & Ego Movement) in revenue this year and grow fast further”, Sudarshan Venu, Joint Managing Director, TVS Motor Company said.

“The acquisition is part of our broader commitment and push behind e-personal mobility”, Venu told reporters in a virtual press meet, adding that SEMG will give TVS significant business in Europe, expanding its portfolio in the region with brands including EGO Movement and Norton Motorcycles.

TVS acquired EGO Mobility, a Swiss e-mobility solutions company and Norton Motorcycles, a British performance motorcycle brand in 2021 and 2020 respectively.

SEMG is the DACH (Switzerland, Austria, and Germany) region’s leading e-bike manufacturer with 20% market share in Germany & Switzerland.

The e-bike segment in Europe is expected to reach a market size of over 25 billion in the next five year, Venu told reporters.

“We can grow this market significantly beyond Switzerland, in the DACH region and many other markets, including India, he said.

TVS Motor Company will bring SEMG’s four brands- Cilo, Simpel, Allegro, and Zenith before the second half of this year.

Commenting on TVS’s larger EV strategy, Venu said, “We are developing a full portfolio of products including two-wheelers starting with the i-Qube and a full range of 6 products including two and three wheelers, and vehicles for last-mile deliveries.”

“We will look at e-bikes as one of the key portions of our overall electric play, particularly in industrialized markets and also emerging markets”, he added.