Indian electric vehicle (EV) startup River has successfully secured nearly 350 crore INR (40 million USD) in a Series B funding round, drawing global interest and exceeding expectations. Notably, major contributions came from Yamaha Motor Company and UAE automotive giant Al-Futtaim. This funding marks River’s second round, bringing their total raised capital to an impressive 565 crore INR (68 million USD) since its inception in March 2021.
The influx of capital is earmarked for significant expansion initiatives, focusing on broadening River’s distribution and service network across India. Additionally, a substantial portion will be allocated to research and development efforts, propelling the company’s commitment to innovative and cutting-edge products in the electric mobility sector.
The strategic partnership with Yamaha Motor Company, a renowned player in the automotive industry, is anticipated to be a game-changer for River. Yamaha’s involvement is expected to contribute invaluable expertise, resources, and technology, fostering advancements in River’s future product lineup. Drawing upon Yamaha’s extensive automotive experience, River aims to elevate the quality and performance of its offerings.
River made waves in the EV market with the launch of its flagship product, the Indie electric scooter, in October 2023. Branded as the ‘SUV of scooters,’ the Indie boasts a practical and utilitarian design, setting it apart in the competitive landscape. The scooter was meticulously crafted at River’s Bengaluru Research and Development facility and manufactured at the company’s factory in Hoskote, located on the outskirts of Bangalore.
In a strategic move to enhance customer accessibility and brand visibility, River inaugurated its first offline store in Bangalore in January 2024. This physical retail presence aligns with the company’s broader plans for establishing a robust market presence.
With the successful Series B funding and influential partnerships, River is poised to make significant strides in the Indian EV market, both in terms of product innovation and market reach. The company’s focus on strengthening its foundations and fostering collaborations underscores the burgeoning potential of the electric mobility sector in India.