February 7, 2024
1 min read

Yamaha Motor Leads River’s ₹335 Cr Fundraise

The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility….reports Asian Lite News

Bengaluru-based EV startup River on Tuesday said it has raised $40 million (about Rs 335 crore) in a Series B round led by Yamaha Motor Co.

The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.

Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility also participated in the round, the EV startup said in a statement.

The funds will help scale River’s distribution and service network across the country and it will also use those to invest further in R&D for its future lineup of electric scooters.

“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, River.

River started selling its first product called ‘Indie’ in October 2023. Indie was fully designed and developed at its R&D facility in Bengaluru and manufactured at the outskirts of the city.

“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology,” said Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor.

This round takes the cumulative fund raised by the company to $68 Million (Rs 565 crore) since its inception in March 2021.

“We also see strong potential for Indie in many international markets. We are excited about the next phase of growth for River both inside and outside India,” said Paul Willis, CEO of Al-Futtaim Automotive.

ALSO READ: Small and Mid-Caps Surge, Large-Caps Lag

Previous Story

Xi Jinping resolute despite mounting setbacks

Next Story

Zuckerberg overtakes Bill Gates

Latest from Business

India’s Millionaire Wealth Surges

Strong equity markets and investor optimism around artificial intelligence (AI) played key roles in bosting returns and overall wealth creation India recorded a robust 8.8 per cent rise in high-net-worth individual (HNWI)

IMEC Touted as Game-Changer for India’s Growth

The event brought together experts from the governments, academia, industry and private businesses across the globe…reports Asian Lite News The India-Middle East-Europe Economic Corridor (IMEC) has the potential to be a “game-changer”

Accel Puts India’s AI Power in the Spotlight

Under the theme “Engineering India’s AI Advantage,” the exclusive, invite-only event will bring together leading AI founders, researchers, tech CXOs, policymakers, and global investors….reports Asian Lite News Global venture capital firm Accel

Nvidia slams US chip export curbs as ‘failure’

Jensen Huang said the US move has backfired by accelerating China’s self-sufficiency in semiconductors and diminishing American dominance in the global chip market…reports Asian Lite News Nvidia CEO Jensen Huang has sharply

SEBI Warns on Strata Exit

Strata was one of the first platforms to register under SEBI’s newly introduced SM REIT framework, which was designed to regulate fractional ownership in real estate and allow investors to pool capital
Go toTop

Don't Miss

Musk: India Not Having Permanent UNCS Seat Absurd

India has been a non-permanent member of the UN Security

Indian Embassy Rebukes Pakistan in Lisbon

The firm messaging from Lisbon reflects India’s broader foreign policy