River, the Bangalore-based startup building multi-utility electric scooters, soon after opening its first experience centre, has secured a fresh round of funding. Ever since the launch of its first product in the Indian market, the River Indie EV, we have been pleasantly intrigued by what they call the ‘SUV’ of scooters. From the looks of it, Yamaha seems to have taken a keen interest in its potential too.
River has announced a $40 million (Rs 335 Crores) Series B funding, led by Yamaha Motor Co., Ltd. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility. With the completion of this round, the company has raised a total of $68 million (Rs 565 crores) since its founding in March 2021. With this capital, the company intends to increase R&D expenditures for future product lineups and expand its nationwide distribution and service network.
‘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 Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.
‘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.
We are looking forward to what River has in store for the future, but in the meantime, have a look at our review of the River Indie.