Bengaluru-based EV start-up River has raised $40 million (Rs 335 crore) in Series B led by Yamaha Motor Co, Japan. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.
The company 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 at its factory at Hoskote in the outskirts of Bengaluru. The first River store opened in Bangalore in January 2024.
Hajime ‘Jim’ Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co said, “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.”
With this round, the start-up has cumulative raised $68 million (Rs 565 crore) since its inception in March 2021. The company plans to scale the distribution and service network across the country and invest further in R&D for future lineup of products.
Paul Willis, CEO, AI-Futtaim Automotive said, “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.”
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.
Aravind Mani, Co-Founder & CEO, River said, “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.
Vipin George, Co-Founder & Chief Product Officer, River said, “The collaboration with Yamaha will help us leverage the design and technology capability that we have built 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”.
