Bengaluru-based EV startup- River Mobility has secured a $40 million (335 INR Crores) Series B led by Yamaha Motor Co. This certainly marks a great step for the further development of their products. We recently rode their practical and certainly one of the most versatile electric scooters- Indie. Click here to read our first impressions about the River Indie.
The series B round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility. The fresh capital infusion will help the company boost its manufacturing capabilities along with R&D for upcoming products.River is currently in its growing sphere, wherein the brand opened its first store in Bangalore in January 2024.
Since the brand's inception in March 2021, the company has raised a total of $68 Million (565 INR Crores). "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.", said Aravind Mani, Co-founder and CEO of River.
“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”, says Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.