Electric vehicle manufacturer River has raised $40 million in a Series B funding round led by Yamaha. The round also saw participation from existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
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 said in a release.
River has raised $68 million to date including a $15 million Series A round in June last year.
Founded by Aravind Mani and Vipin George, River’s first product is a multi-utility electric scooter which it claims to be designed and built in India. The company’s first product, the 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 firm opened its first River store in Bengaluru in January 2024.
River aims to increase its monthly sales from 100-150 vehicles to approximately 1,000 while it also plans to achieve positive unit economics in the near future, according to its co-founder and chief executive Mani.
In 2022, Yamaha Motors’s leasing arm Moto Business Service India (MBSI) forayed into the two-wheeler EV segment by partnering with Hyderabad-based startup Only Electriq Solutions. The Tokyo-based automobile giant has already invested in a clutch of Indian startups including CredR, Royal Brothers, Rapido, and Drivezy, among others.
