Indian electric vehicle startup, River, has successfully raised $15 million in a Series B funding round, with Dubai-based conglomerate Al Futtaim Group leading the investment. Notably, existing investors including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in this funding round, demonstrating their continued support for the company.
The fresh infusion of capital will enable River to expand its manufacturing and distribution capabilities while also fueling the development of new products. One of the company’s highly anticipated offerings is the Indie electric scooter, set to commence deliveries in August 2023.
- Founded in 2021 by Aravind Mani and Vipin George, River is headquartered in Bengaluru, India. The Indie electric scooter, designed and built in India, specifically caters to the needs of Indian consumers. With a single charge range of up to 100 kilometers and a top speed of 85 kilometers per hour, the scooter promises both efficiency and performance.
The participation of Al Futtaim Group in the funding round serves as a significant vote of confidence in River and the Indian EV market as a whole. Al Futtaim Group is a renowned conglomerate with a strong presence in over 20 countries. Their track record of successful investments in startups further solidifies River’s prospects for growth.
- River’s Series B funding round comes at an opportune time, as the Indian EV market experiences a surge in interest. The government’s subsidies for electric vehicle buyers, coupled with a rising demand for electric scooters and motorcycles, contribute to a favorable environment for River’s expansion.
With a talented team, a well-designed product, and unwavering support from investors, River is well-positioned to capitalize on the burgeoning Indian EV market. The company’s dedication to sustainability and innovation is expected to establish its prominence as a major player in the Indian EV landscape in the years to come.
