Chris Sacca’s Lowercarbon Capital and Toyota Ventures invest in an $11 million (Rs 87 crore) Series ‘A’ round funding in River, a Bengaluru-based electric two-wheeler startup bringing the total funding to $13 million (Rs 100 crore). With this funding, the company plans to expand its team, invest further in R&D, set up a manufacturing facility and get its first product ready for sale.
The company raised its seed round of $2 million (Rs 15.78 crore) in March 2021 from two mobility-focused venture capital funds, Israel-based Maniv Mobility and San Francisco-based Trucks VC. It was the first investment in India for both the funds and the only one till date.
“River’s electric two-wheelers are the new go-to for Indian riders because they’re faster, tougher, and just plain cooler than anything else on the market” said Chris Sacca, Managing Partner of Lowercarbon Capital, known for previous investments in early-stage technology companies like Twitter, Uber, and Instagram.
Jim Adler, Founding managing director of Toyota Ventures added that, “We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use. “
Speaking on the funding, Aravind Mani, Co-founder and CEO of River said, “It is the validation of the capability of our team and the progress we have made in product development.”
“Our first electric two-wheeler is designed with a broad usage spectrum in mind. We are reimagining how people ride and carry their world on two wheels”, said Vipin George, Co-founder of River. An industry veteran, Vipin was an automobile designer at Honda before River.