EV Startup River Raises $40M in Series B Led by Yamaha Motor Co., Ltd. Founded in March 2021 by Aravind Mani and Vipin George, River aims to build products that make a positive impact on the everyday lives of people. Its flagship product 'Indie' has been tested for 1,00,000 km under harsh weather conditions for safety and durability
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Bengaluru-based EV startup, River, announced it had raised USD 40M in Series B funding led by by Yamaha Motor Co., Ltd.
"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," shared Aravind Mani, Co-founder and CEO, River.
The round also saw participation from Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.
Founded in March 2021 by Aravind Mani and Vipin George, River aims to build products that make a positive impact on the everyday lives of people. Its flagship product 'Indie' has been tested for 1,00,000 km under harsh weather conditions for safety and durability.
In June 2023, it raised a USD 15M investment round led by Dubai's Al Futtaim Group.
"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," said Hajime "Jim" Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.
Notably, 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.
"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," said Vipin George, Co-founder and Chief Product Officer, River.
With the total funding raised by the company touching USD 68 Million, it plans to scale its distribution and service network across the country and invest further in R&D for the future lineup of products.
