River, the innovative electric vehicle (EV) manufacturer, has secured a significant milestone in its growth trajectory with a $40 million Series B funding round led by Yamaha. The funding round also saw participation from existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility, signaling a strong vote of confidence in River’s vision and potential.

This infusion of capital comes as a strategic move for River to scale its distribution and service network across the country while furthering investments in research and development (R&D) for its future lineup of products. With a focus on expanding its market reach and enhancing technological capabilities, River aims to solidify its position as a leader in India’s rapidly evolving electric vehicle landscape.

River has now raised a total of $68 million, including a $15 million Series A round completed in June of the previous year. Founded by Aravind Mani and Vipin George, River has gained recognition for its pioneering approach to electric mobility, particularly with its flagship product, the multi-utility electric scooter named Indie.

One of River’s key differentiators lies in its commitment to local innovation and manufacturing. The Indie scooter, the company’s maiden offering, boasts a design and build process entirely rooted in India. Developed at the River R&D facility in Bengaluru and manufactured at the River Factory in Hoskote, on the outskirts of Bengaluru, the Indie exemplifies River’s dedication to promoting indigenous technology and manufacturing capabilities.

In line with its expansion strategy, River recently inaugurated its first flagship store in Bengaluru in January 2024, marking a significant milestone in its retail presence. With a strong emphasis on customer experience and accessibility, River aims to establish a network of retail outlets across strategic locations to cater to the growing demand for electric mobility solutions.

Looking ahead, River has ambitious growth targets, aiming to ramp up its monthly sales from 100-150 vehicles to approximately 1,000 units. Moreover, the company is keen on achieving positive unit economics in the near future, underlining its commitment to sustainability and profitability in the EV market.

Yamaha Motors, through its leasing arm Moto Business Service India (MBSI), has been actively exploring opportunities in the burgeoning two-wheeler EV segment. With its strategic partnership with Only Electriq Solutions, a Hyderabad-based startup, Yamaha Motors has signaled its intent to capitalize on the promising prospects of the EV market in India. The Tokyo-based automotive giant’s investment in River further underscores its commitment to fostering innovation and collaboration in the Indian startup ecosystem.

In a landscape defined by rapid technological advancements and evolving consumer preferences, River’s latest funding round represents a pivotal moment in its journey towards shaping the future of electric mobility in India and beyond. With Yamaha and other leading investors by its side, River is poised to drive innovation, sustainability, and accessibility in the dynamic world of electric vehicles.

By Admin

Leave a Reply

Your email address will not be published. Required fields are marked *