River Mobility, the Bengaluru-based startup building multi-utility electric scooters, has secured US$ 40 million (Rs 335 crore) in an oversubscribed Series B funding led by Yamaha Motor Co.
The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility. This latest round takes the cumulative fund raised by the company to USD 68 million (Rs 565 crore) since its inception in March 2021.
With this fresh funding, River plans to scale the distribution and service network across the country and invest further in R&D for a future lineup of products.
“We are impressed by the progress that River has achieved in such a short span of
time, especially with a strong focus on design and technology," says Hajime Jim Aota, Chief General Manager, New Business Development Centre, Yamaha Motor Co., Ltd.
“The investment is a significant boost for our plan to build a billion dollar global utility-lifestyle brand by 2030," said Aravind Mani, co-founder and CEO of River.
River's first product, the Indie e-scooter rolled out from the plant in Hoskote, Karnataka in end-August 2023 with sales commencing from October. The Indie has been fully designed and developed at the River R&D facility in Bengaluru and manufactured at the River factory. The first River store opened in Bengaluru in January 2024.
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