TCS said the acquisition is aligned with its larger vision of becoming a leading player in the e-personal mobility space and providing its customers with sustainable mobility solutions, and complements its other recent acquisitions. TVS considers SEMG as a long-term partner to establish a strong presence in the e-mobility business.

The acquisition reaffirms TVS Motor Company's commitment to expansion in Europe through a portfolio of premium and technology leading brands, including Norton Motorcycles and EGO Movement, which were recently acquired.

SEMG is a market-leading provider of e-mobility solutions within the DACH region, operating the largest pure-play e-bike retail chain M-way in Switzerland with close to $100 million in revenue. The company has a prestigious Swiss mobility brands portfolio, including Cilo, Simpel, Allegro, and Zenith – Bikes. By combining its extensive physical network and e-commerce platform with two online platforms and 31 physical stores, SEMG is able to deliver a seamless and world-class customer experience. In 2020, SEMG generated a turnover of Swiss Franc (CHF) 69.87 million.

E-bikes are establishing themselves as the de-facto form of personal mobility in Europe due to the increased ease of usage, regulatory support, and overall perception as a sustainable form of transport. With a current penetration of approximately 15% of the total bicycle population in Europe and growing at a CAGR of ~18%, the market for the e-bicycle holds significant growth potential.

TVS Motor Company is a two and three-wheeler manufacturer and is the flagship company of the TVS Group.

TVS Motor's consolidated net profit jumped 29.2% to Rs 234.37 crore on 23.4% surge in net sales to Rs 6,483.42 crore in Q2 FY22 over Q2 FY21.

Shares of TVS Motor were down 5.50% at Rs 595 in early trade on BSE.