EV Startup, River, raises $40 Million in an oversubscribed Series B round; deal led by Yamaha Motor Co., Ltd.

BENGALURU, India, Feb. 8, 2024 /PRNewswire/ — River, a Bengaluru-based startup building multi-utility electric scooters, has announced a $40 million (335 INR Crores) Series B led by Yamaha Motor Co., Ltd. The round also saw participation from existing investors Al-Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.

River started selling its first product Indie, the SUV of scooters in October-2023. Indie was fully designed and developed at the River R&D facility in Bengaluru and manufactured in the River Factory at Hoskote in the outskirts of Bengaluru. The first River store opened in Bangalore in January 2024.

“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this,” says Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.

This round takes the cumulative fund raised by the company to $68 Million (565 INR Crores) since its inception in March 2021. With this funding, the company plans to scale the distribution and service network across the country and invest further in R&D for future lineup of products.

River is the first Indian investment of all its investors – Tel Aviv based Maniv Mobility, San Francisco based Trucks VC, Lowercarbon Capital, Toyota Ventures and Dubai based conglomerate Al-Futtaim Automotive.

“The investment is a significant boost for our plan to build a Billion dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow,” said Aravind Mani, Co-founder and CEO of River.

“The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River,” said Vipin George, Co-founder and Chief Product Officer at River. “I learned to ride on a Yamaha motorcycle and have been amazed by the highest levels of performance that they stand for. And now, Yamaha investing in River is quite a surreal feeling. I’m excited about what the partnership can achieve.”

About River:
Websitehttps://www.rideriver.com/
LinkedIn: @rideriver | YouTube: @rideriver

Media Contact:
Srishti Singh | [email protected] | +919611157696

 

Source : EV Startup, River, raises $40 Million in an oversubscribed Series B round; deal led by Yamaha Motor Co., Ltd.

The information provided in this article was created by Cision PR Newswire, our news partner. The author's opinions and the content shared on this page are their own and may not necessarily represent the perspectives of Thailand Business News.

Related Posts

Next Post

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Upcoming Events

Welcome Back!

Login to your account below

Create New Account!

Fill the forms below to register

Retrieve your password

Please enter your username or email address to reset your password.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?