Bengaluru-based EV start-up, River, raises $40 Million in oversubscribed Series B round

The deal was led by Yamaha Motor Co. Ltd. Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility also participated in the round

February 07, 2024 09:00 am | Updated 09:00 am IST - Bengaluru

River cofounders Vipin George and Aravind Mani

River cofounders Vipin George and Aravind Mani

River, a Bengaluru-based start-up 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 Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.

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.

“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”, said Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.

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.

The first River store opened in Bangalore in January 2024.

The first River store opened in Bangalore in January 2024.

“It’s been a pleasure to watch River grow since our first investment in 2023. Indie made a strong debut in the Indian market and stands out from anything that is out there. We also see strong potential for Indie in many international markets. We are excited about the next phase of growth for River both inside and outside India”, said Paul Willis, CEO of Al-Futtaim Automotive.

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,” he added.

River started selling its units in October 2023 and close to 200 vehicles have been sold till January 2024. The company which plans to expand its presence to 10 cities including in the next six months and 100 cities in the next two years, has seen a valuation increase of 15-20x in the last 2.5 years.

According to a release from the company the start-up plans to launch one more product by 2026.

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