- 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.
- 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.
- 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.
- 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.
- 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.