Japan’s Yamaha Motor is leading the Series B Funding by investing USD 40 million (Rs 335 crore). The funds will be utilised for scaling up the distribution and service network, among others.
“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,” said Aravind Mani, Co-founder and CEO of River.
The company entered the domestic EV market with its first e-scooter, Indie, in October last year, and in January it opened its first River store in Bengaluru.
The Series B funding round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility, River said.
With the latest capital infusion, the total funding secured by the company since its inception in March 2021 stands at USD 68 million (Rs 565 crores), according to River.
