River, a manufacturer of electric vehicles, has received $15 million in a fresh round of funding led by Dubai’s Al Futtaim Group. The Series B round also included participation from pre-existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.
Following a $2 million seed round in March 2021 and a $11 million Series A round in July 2022, the funding is River’s third round. Notably, Chris Sacca’s Lowercarbon Capital invested in Mumbai-based SolarSquare in June of last year, but Al Futtaim Group, Toyota Ventures, Trucks VC, and Maniv Mobility have only invested in River.
The additional funding will be used to strengthen River’s manufacturing capabilities and get ready for its impending market debut. According to a press release from River, the company plans to start making deliveries by August of this year.
The company River was founded by Aravind Mani and Vipin George. Its first offering is a multi-purpose electric scooter that the company says was created in India. The Indie, the company’s first product, is said to have been tested for more than a million kilometers.
The Indie is in tune with Indian usage patterns, roads, and lifestyle, claims the company. The scooter has a number of features, including 14-inch wheels, crash guards, and front footpegs.
Al Futtaim Group is spread across more than 20 countries in the Middle East, Asia, and Africa. It has five operating divisions: automotive, retail, real estate, healthcare, and financial services. Al Futtaim Automotive President Paul Willis said, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally”.
Despite the company being in its early stages, it may compete with a number of players, including two of the industry’s leading lights: Ola Electric and Ather.
