Yamaha backs EV startup River Raised $40M in Series B Funding
Yamaha backs EV startup River Raised $40M in Series B Funding

Yamaha backs EV startup River Raised $40M in Series B Funding

February 6, 2024
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Bengaluru-based startup, River, specializing in multi-utility electric scooters, announces a $40 million (335 INR Crores) Yamaha backs EV startup, Series B funding led by Yamaha Motor Co., Ltd. Existing investors, including Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility, also participated in the round. River debuted its inaugural product, Indie, touted as the SUV of scooters, in October 2023. The scooter was entirely conceived and developed at the River R&D facility in Bengaluru and manufactured in the River Factory located in Hoskote on the outskirts of Bengaluru. Marking its presence, the first River store opened in Bangalore in January 2024. 

Words by Hajime Jim Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd, 

“We are impressed by the progress that River has achieved in such a short period, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this”

“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 of River.

Yamaha backs EV startup, River Raises $68 Million in Funding for Expansion

Since its inception in March 2021, River has successfully secured a cumulative fund of $68 million (565 INR Crores) in its latest funding round. This achievement marks a significant milestone in the company’s growth trajectory.

River outlines strategic plans to expand its distribution and service network across India in light of this funding. Additionally, the company aims to allocate resources to further Research and Development initiatives, focusing on enhancing its product lineup for the future. The funding positions River for an ambitious phase of scaling and innovation, solidifying its presence in the Indian market.

Investors Express Confidence and International Potential

Paul Willis, CEO of Al-Futtaim Automotive, expresses satisfaction in witnessing River’s growth journey since their initial investment in 2023. Recognizing River’s distinctive presence in the Indian market, Willis emphasizes the company’s unique position. Investors, including Tel Aviv-based Maniv Mobility, San Francisco-based Trucks VC, Lowercarbon Capital, Toyota Ventures, and Dubai-based conglomerate Al-Futtaim Automotive, collectively see substantial potential for River both within India and beyond.

River’s Global Expansion Outlook

River’s impressive funding round signifies more than just financial backing; it symbolizes a vote of confidence in the company’s potential for global expansion. The management is keen on leveraging this support to strengthen River’s footprint within India and explore opportunities in international markets. As the first Indian investment for all its backers, River has captured the attention and endorsement of a diverse set of prominent global investors.

Strategic Partnerships and Future Growth

With backing from a diverse range of global investors, River is strategically positioned for its next phase of growth. The company’s commitment to scaling distribution, service, and R&D aligns with its broader vision. The infusion of funds not only empowers River’s immediate expansion plans but also sets the stage for continued innovation and success on both local and international fronts. 

River is set to unveil a new vehicle model in 2026, with the early phases of product development already underway. Additionally, the EV startup has ambitious plans to extend its reach to 100 cities by the same year. As per Vahan data, River’s EV registration number stood at around 92 units in 2023, which it achieved in the last three months. The EV manufacturer is aiming to achieve 300 units of vehicle sales by March this year.

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