River, a Bengaluru-based startup specializing in multi-utility electric scooters, has recently announced a significant milestone with the closure of a USD 40 million Series B funding round. The funding was led by Yamaha Motor Co., Ltd., a renowned player in the automotive industry. Other participants in the round include existing investors such as Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
Expansion plans and financial background
This latest funding injection marks a pivotal moment for River, bringing the total amount raised by the company to an impressive USD 68 million since its inception in March 2021. With this substantial financial backing, River aims to expand its distribution and service network across India significantly. Moreover, the company plans to channel investments into further research and development initiatives to enhance its future product lineup.
Product launch and market presence
River made its debut in the electric scooter market with its first product, Indie, often dubbed as the “SUV of scooters,” in October 2023. Indie, fully designed and developed at River’s R&D facility in Bengaluru, garnered attention for its innovative design and technological prowess. The manufacturing of Indie takes place at the River Factory located in Hoskote, on the outskirts of Bengaluru. In January 2024, River inaugurated its first store in Bangalore, marking a significant milestone in its journey.
Investor confidence and growth prospects
Hajime “Jim” Aota, Chief General Manager of New Business Development Centre at Yamaha Motor Co., Ltd., expressed admiration for River’s achievements within a short span. He highlighted River’s strong emphasis on design and technology, affirming Yamaha’s commitment to supporting the company’s endeavours. Additionally, Paul Willis, CEO of Al-Futtaim Automotive, commended River’s performance and expressed optimism about the potential for Indie in international markets.
Strategic partnerships and vision for the future
The collaboration between River and Yamaha signifies a strategic alignment aimed at leveraging each other’s strengths. Aravind Mani, Co-founder and CEO of River, reiterated the company’s ambition to establish itself as a billion-dollar global utility-lifestyle brand by 2030. Vipin George, Co-founder and Chief Product Officer at River, expressed excitement about the partnership with Yamaha, citing his personal admiration for the brand’s performance legacy.
River’s successful Series B funding round, led by Yamaha Motor Co., Ltd., underscores investor confidence in the company’s vision and potential. With a strong focus on design, technology, and expansion plans, River is poised to make significant strides in the electric scooter market both domestically and internationally. The partnership with Yamaha represents a strategic move towards leveraging expertise and driving innovation in the rapidly evolving mobility landscape.