Bengaluru-based EV startup River raises $40m oversubscribed Series B round to accelerate growth

River, a Bengaluru-based startup building multi-utility electric scooters, has announced a $40 million Series B led by Yamaha Motor. The round also saw participation from existing investors Al-Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.

River started selling its first product Indie, the SUV of scooters in October-2023. Indie was fully designed and developed at the River R&D facility in Bengaluru and manufactured in the River Factory at Hoskote in the outskirts of Bengaluru. The first River store opened in Bangalore in January 2024.

Hajime "Jim" Aota, Chief General Manager, New Business Development Centre, Yamaha Motor: "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."

This round takes the cumulative fund raised by the company to $68 million since its inception in March 2021. With this funding, the company plans to scale the distribution and service network across the country and invest further in R&D for future lineup of products.

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.

Aravind Mani, Co-founder and CEO, River: "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."

Vipin George, Co-founder and Chief Product Officer, River: "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."

www.rideriver.com