News/ Industry/ River invites Fresh Funds | Global Investors Zoom In on Indian EV Scooter Startup

River invites Fresh Funds | Global Investors Zoom In on Indian EV Scooter Startup

In the headlines today is River - the Indian electric scooter startup, making waves as it just landed a sweet deal with Japanese giant Mitsui & Co.

This partnership is a win-win, as both parties are said to benefit of this venture. As River's CEO, Aravind Mani, says, this deal "solidifies their position" in India's two-wheeler market and paves the way for them to zoom onto the global scene. Tells us a lot about the Indie - their first electric scooter that sure can work around the world.

Remember the Indie? That was River's debut scooter in 2021, and it was just the ignition key to their success. They didn't waste any time – they built a massive factory that's humming like a well-tuned engine and are now accelerating towards their goal of having a presence in 50 Indian cities by the end of the year! Unlike other Chinese scooters, the Indie feels planted, sturdy, and well-equipped to handle the urban terrain. It’s powerful enough to zip through traffic and is even capable of cruising at speeds over 100kmph, making it ridable on motorways.

The scooter offers a range of 161 km on an IDC test, which simulates average driving conditions in India. It has a top speed of 90 km/h and can accelerate from 0 to 40 km/h in just 3.7 seconds. With three riding modes (Eco, Ride, and Rush), you can choose between performance and efficiency. The scooter can handle inclines of up to 18 degrees and is powered by a 4 kWh battery that can be charged from 0 to 80% in 5 hours. For safety, it comes equipped with a disc braking system with CBS (Combined Braking System).

But Mitsui isn't the only one impressed by River's smooth moves. Daishi Mochizuki of Mitsui applauds their "agility and efficiency," basically saying they're like a well-oiled machine – taking an idea and turning it into a real, electric scooter on the streets.

This investment frenzy doesn't stop at Mitsui. River has already wrangled a cool $68 million from a bunch of high-profile investors. We're talking Yamaha, Marubeni Ventures, and a whole VC squad. Looks like everyone wants a piece of the electric scooter revolution, and River is leading the charge!

Electric scooters are seen as key to fueling the growth of the Indian economy, especially with younger folks. It has worked better in B-and C-cities than A-cities, and that is due to lesser running and ease of charging. We have also noticed many delivery apps have switched to electric mobility for more cost effective transportation options.

It’s great to see an Indian electric scooter brand attracting foreign investments. Comes around as a fresh wave of enthusiasm for homegrown manufacturers to further develop and build their own quality scooters, rather than importing cheap knocked down kits and selling them in larger numbers.

TopGear Magazine July 2024