EV scooter maker River raises $40M in funding round led by Yamaha Motor Co

River will use the funding to scale its distribution and service network across the country, as well as for research and development of its future products.

EV scooter maker River raises $40M in funding round led by Yamaha Motor Co

Tuesday February 06, 2024,

2 min Read

Bengaluru-based River has raised $40 million in a Series B funding round led by Yamaha Motor Co and existing investors such as UAE-based Al-Futtaim Automotive, Lowercarbon Capital, and Toyota Ventures.

The company said it will use the funding to scale its distribution and service network across the country, as well as for research and development of its future products.

River plans to enter 100 cities over the next two years, and metro cities such as Hyderabad, Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, and Thiruvananthapuram, among others, are at the top of its list, co-founder Aravind Mani told YourStory.

Beyond the company-owned store, River already operates in Bengaluru, and it is actively discussing with dealers to expand its physical footprint, Mani said.

Its R&D efforts are towards developing new scooter formats, and its next product will launch in 2026, Mani added.

River's first product is Indie, an e-scooter that retails at Rs 1.38 lakh, lesser than Ather Energy's top variant, the Ather 450 Apex, which starts at Rs 1.88 lakh.

River

River's Indie scooter in red variant (Image credit: River)

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River's 120,000-square-foot manufacturing facility is located in Hoskote, on the outskirts of Bengaluru.

"We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this,” said Hajime “Jim” Aota, chief general manager of New Business Development Centre, Yamaha Motor, in a press release.

River has raised $68 million in funding since it was founded in March 2021 by Aravind and Vipin George, who is also its chief product officer.

Tel Aviv's Maniv Mobility and San Francisco-based Trucks VC have also invested in the company.

Its biggest competitors include Ather Energy, Ola Electric, Hero Electric, and other EV scooter manufacturers.

(Story has been updated with name and quote from Yamaha as per company's reissued press release)


Edited by Megha Reddy