EV Startup River Raises $15 Million Funding The newly secured capital is set to boost River's manufacturing prowess and power its upcoming market launch, aiming for deliveries to kick- off in August 2023
By Teena Jose
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Electric vehicle manufacturer, River raised a $15 million investment round led by Dubai's multinational powerhouse, Al Futtaim Group. Existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in the round. The newly secured capital is set to boost River's manufacturing prowess and power its upcoming market launch, aiming for deliveries to kick- off in August 2023.
"At River, we've been quietly working in the background for the last two years. In just 20 months, we launched our first product, the Indie, which has by now successfully covered over 100,000 kilometres in testing. Now we've set the base to build a billion-dollar business and we thank all our investors for supporting us in our journey," commented Aravind Mani, co-founder and CEO, River.
The new funding marks River's third round, following a $2 million seed round in March 2021 and a $11 million Series A round in July 2022. Notably, River is the sole Indian investment for Al Futtaim group, Toyota Ventures, Trucks VC, and Maniv Mobility, according to an official statement by the company.
"We evaluated over 50 electric two-wheeler startups, and were impressed by the team's vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally," said Paul Willis, president, Al Futtaim Automotive.
The Bengaluru-based startup founded by Aravind Mani and Vipin George, claims to build products that make a positive impact on the everyday lives of people.
Jim Adler, founder and general partner of Toyota Ventures, an existing investor, also expressed confidence in the company, noting that, "River is our first investment in India, and we're excited to see the unique value proposition and capabilities of Indie. We're amazed at River's progress and look forward to seeing them continue to execute on their vision of delivering quality, durable, affordable, and stylish all-electric two-wheeled vehicles."
