Bengaluru-based electric scooter startup, River, has successfully closed an oversubscribed Series B funding round, securing $40 million in investment. Leading the round is Yamaha Motor Co., Ltd., a renowned name in the automotive industry. The funding also saw participation from existing investors including Al-Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
River gained attention with its innovative multi-utility electric scooters and introduced its first product, the Indie, dubbed as the SUV of scooters, in October 2023. Designed and developed entirely at River’s R&D facility in Bengaluru and manufactured in the River Factory at Hoskote, the Indie received a warm reception. The company marked its retail debut with the opening of the first River store in Bangalore in January 2024.
“We are impressed by the remarkable progress achieved by River within a short timeframe, particularly its emphasis on design and technology,” stated Hajime “Jim” Aota, Chief General Manager of New Business Development Centre at Yamaha Motor Co., Ltd. “We are excited about supporting River’s vision and believe in its potential for future growth.”
With the latest Series B round, River has now raised a cumulative total of $68 million since its inception in March 2021. This influx of capital will fuel the company’s expansion plans, particularly in scaling its distribution and service network nationwide and bolstering its R&D efforts for upcoming product lines.
River’s investors represent a diverse array of global entities, with the company being the first Indian investment for many. Notable investors include Tel Aviv-based Maniv Mobility, San Francisco-based Trucks VC, Lowercarbon Capital, Toyota Ventures, and Dubai-based conglomerate Al-Futtaim Automotive.
Aravind Mani, Co-founder and CEO of River, expressed enthusiasm about the investment, stating, “This funding marks a significant milestone in our journey towards establishing River as a billion-dollar global utility-lifestyle brand by 2030. Having laid a strong foundation in R&D and manufacturing over the past two years, we are now poised for rapid growth.”
Echoing Mani’s sentiments, Vipin George, Co-founder and Chief Product Officer at River, emphasized the potential of the collaboration with Yamaha. “Yamaha’s investment in River signifies a remarkable alignment of vision and values,” George said. “As someone who learned to ride on a Yamaha motorcycle, I am personally thrilled by this partnership and the possibilities it holds for advancing our design and technology capabilities.”
River’s innovative approach to electric mobility, coupled with strategic partnerships and investor confidence, positions the company for continued success and expansion in the burgeoning electric scooter market.