HomeStartupEV startup River bags $40 Mn in Series B led by Yamaha

EV startup River bags $40 Mn in Series B led by Yamaha

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Yamaha Motor Invests in Electric Scooters Startup World of River - Seeking  Business Partnerships for the Indian EV Market - - News releases | Yamaha  Motor Co., Ltd.
  1. Electric vehicle manufacturer River has raised $40 million in a Series B funding round led by Yamaha Motor Corp., with participation from existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
  2. The funding will be used to scale distribution and service networks across India and invest further in research and development for future product lineups, according to a release by River.
  3. River, founded by Aravind Mani and Vipin George, focuses on designing and building electric vehicles in India. Its first product, the Indie electric scooter, was fully developed at its R&D facility in Bengaluru and manufactured at the River Factory in Hoskote, Bengaluru.
  4. The company opened its first River store in Bengaluru in January 2024 and aims to increase monthly sales from 100-150 vehicles to approximately 1,000, with plans to achieve positive unit economics in the near future.
  5. Yamaha Motor Corp.’s investment in River is part of its broader foray into the two-wheeler EV segment, following partnerships with other Indian startups like Only Electriq Solutions. Yamaha has previously invested in Indian startups such as CredR, Royal Brothers, Rapido, and Drivezy.
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