Electric vehicle manufacturer River has secured a significant financial backing in the form of a $40 million Series B funding round, spearheaded by Yamaha. This substantial investment is set to propel River’s growth trajectory as it ramps up its efforts to revolutionize the EV landscape. With existing investors also doubling down on their support, River is poised for expansion and innovation in the burgeoning electric mobility sector.
The funding round, which saw participation from prominent backers including Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility, underscores the growing confidence in River’s vision and capabilities. This infusion of capital will empower the company to strengthen its distribution and service network across the country, enhancing accessibility to its innovative products.
Founded by Aravind Mani and Vipin George, River has already made waves with its debut offering – a multi-utility electric scooter dubbed the “Indie.” Boasting a distinctive Indian design ethos, the Indie has garnered attention for its blend of style, performance, and sustainability. Manufactured entirely in India, River’s commitment to local production and innovation has set it apart in the competitive EV market.
With plans to scale up production and broaden its product portfolio, River is on track to significantly increase its market presence. The recent inauguration of its flagship store in Bengaluru marks a pivotal moment in the company’s journey, signaling its readiness to cater to the growing demand for electric mobility solutions.
Speaking about the company’s ambitions, co-founder and CEO Aravind Mani expressed confidence in River’s ability to accelerate its growth trajectory. “Our goal is to not only increase our sales volume but also to achieve positive unit economics in the near future,” Mani stated. With a clear focus on sustainability, innovation, and customer satisfaction, River is poised to make a lasting impact on the EV landscape.
Yamaha’s leading role in the Series B funding round further highlights the company’s commitment to embracing the electric mobility revolution. With its extensive expertise and global reach, Yamaha’s partnership with River signals a strategic alliance aimed at driving forward the electrification agenda.
As the electric vehicle market continues to gain momentum, River’s latest funding milestone positions the company as a frontrunner in the race towards a sustainable and electrified future. With Yamaha’s backing and a strong foundation of innovation, River is well-positioned to shape the future of mobility and lead the charge towards a cleaner, greener tomorrow.
