The Busy Brains
7 Jun 2023
Bengaluru-based electric two-wheeler manufacturer, River, raises $15 million in Series B funding led by Al-Futtaim Group. Learn how this investment will strengthen their manufacturing and distribution networks, supporting their growth plans and enabling timely EV deliveries to customers.
Bengaluru-based electric two-wheeler maker, River, is on the verge of fulfilling orders for its electric vehicles (EVs). To bolster their manufacturing and distribution networks and support their growth trajectory, River has successfully raised $15 million in a Series B funding round. Leading the round is Dubai's Al-Futtaim Group, accompanied by existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.
River had previously secured $11 million in funding from Lowercarbon Capital and Toyota Ventures in August 2022, setting the stage for their continued expansion. Founded in 2021 by Aravind Mani and Vipin George, River has already begun accepting pre-orders for its flagship EV, Indie, priced at Rs 1,25,000. Deliveries of Indie are scheduled to commence in August 2023.
"In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing," said Mani, the Chief Executive Officer of River.
This funding milestone coincides with Al-Futtaim Group's announcement of doubling down on EV investments, reflecting their commitment to sustainable mobility. River's latest offering, Indie, was unveiled in February 2023 and has been dubbed the "SUV of scooters." The scooter's design originated from River's research and development facility located in Bengaluru.
"We evaluated over 50 electric two-wheeler start-ups, and were impressed by the team's vision and commitment to in-house product development," Paul Willis, President, Al Futtaim Automotive said on the group's investment in River.
With the infusion of $15 million in Series B funding, River is primed to accelerate its electric two-wheeler production, meet customer demands, and expand its reach. The investment will fortify their manufacturing capabilities and optimize their distribution networks, facilitating efficient and timely delivery of EVs to customers. As River advances in the electric mobility space, they are poised to contribute to the transition towards cleaner transportation alternatives.