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 Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more

India Inc Eyes Upswing

Private equity (PE) remained comparatively stable in Q2, clocking 357 deals worth $7.4 billion — the second-highest volume since Q4 2022. However, deal values dipped on a quarter-on-quarter basis due to the

Apple Appoints Sabih Khan as New COO

Khan will take over from Jeff Williams, who is stepping down from the role this month and will retire later this year…reports Asian Lite News Apple has announced that Sabih Khan, an
Go toTop

Don't Miss

‘Mauritius Key for Indian Investment in Africa’

Dhananjay Ramful said India and Mauritius are reorienting their relationship

India, China should seek a common ground, says envoy

Sun said the two countries need to respect each other’s