Mitsui & Co and Marubeni Ventures invest in River's Series B funding

Since its inception, River has raised $68 Million from esteemed global investors.

Autocar Pro News Desk By Autocar Pro News Desk calendar 27 Jun 2024 Views icon2566 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Mitsui & Co and Marubeni Ventures invest in River's Series B funding

Mitsui & Co., Ltd. and Marubeni Ventures Inc. of Marubeni Corporation, have invested in River’s Series B round. 

Aravind Mani, Co-founder and Chief Executive Officer of River, stated, “This partnership further  solidifies River’s position in the Indian two-wheeler market and paves a path for our global  expansion.” 

Daishi Mochizuki, General Manager of Personal Mobility Business Dept, Mobility & Industrial Business Div, Mobility Business Unit I of Mitsui & Co., Ltd. additionally  stated, "We are highly impressed with River's potential in the Indian two-wheeler market.  Their agility and efficiency of the development process from concept to commercialization of  the product is commendable.” 

Rocky Eda, Managing Director of Marubeni Ventures Inc. said, “Through this investment, we are committed to the  Indian EV scooter market and look forward to observing the consumer behaviour of the  younger generation that will support the explosive growth of the Indian economy.” 

Since its inception, River has raised $68 Million from esteemed global investors. Apart from  Mitsui & Co., Ltd, River is the first Indian investment of all its investors - Japan’s Yamaha  Motor Co., Ltd. and Marubeni Ventures Inc., Dubai based conglomerate Al-Futtaim Automotive, Lowercarbon Capital,  Toyota Ventures, Tel Aviv based Maniv Mobility and San Francisco based Trucks VC. 

River's journey began with the development of its maiden product, the Indie in 2021. Soon  after, the company set up a 1.2 lac sq. ft. manufacturing facility with a production capacity of  1 lakh units per year. Earlier this year, River marked a significant milestone in its expansion  plans starting with its first store in Bengaluru followed by expansion across India. By year end, the brand plans to have a presence in 50 plus cities in the country. 

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