Yamaha is leading a Series B funding round that has raised $40 million for the electric vehicle manufacturer River. Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility also participated in the round.
According to a release from River, the company intends to use this funding to expand its nationwide network of distribution and services as well as to increase its research and development efforts for upcoming product offerings.
With the inclusion of a $15 million Series A round in June of last year, River has raised $68 million to date.
Founded by Aravind Mani and Vipin George, River’s initial offering is an electric scooter with multiple uses that is purportedly designed and manufactured in India. The Indie, the brand’s initial offering, was entirely created and developed at the River R&D facility in Bengaluru and produced at the River Factory in Hoskote, an outlying suburb of Bengaluru.
In January 2024, the company launched its first River store in Bengaluru.
According to co-founder and chief executive Mani, River wants to grow monthly sales from 100–150 cars to about 1,000. The company also hopes to attain positive unit economics soon.
In 2022, Only Electriq Solutions, a startup based in Hyderabad, and Yamaha Motors’ leasing division Moto Business Service India (MBSI) ventured into the two-wheeler electric vehicle (EV) market. The massive automaker based in Tokyo has already made investments in several Indian startups, including Drivezy, CredR, Royal Brothers, and Rapido.
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