River, a Bengaluru-based electric vehicle (EV) start-up, has raised $40 million (₹335 crore) in series B funding led by Yamaha Motor Co., Ltd.
The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility, the company said in a statement.
The company plans to deploy the funds to scale the distribution and service network across the country and invest further in R&D.
Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd., said, “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.”
Founded in March 2021 by Aravind Mani and Vipin George, River is backed by marquee investors such as Yamaha Motor Co., Ltd., Dubai based Al Futtaim group, Chris Sacca’s Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.
Commenting on the fund raise Aravind Mani, Co-founder and CEO of River said, “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.”