EV Startup 'River' Raises USD 15 Million Funding

Electric two-wheeler manufacturing startup company, River has raised a $15 million investment round led by Dubai's multinational conglomerate, Al Futtaim Group.

The fresh funding will bolster River's growth, priming its manufacturing and distribution networks for an August 2023 delivery kick-off. 

"At River, we've been quietly working in the background for the last two years. In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing. Now we’ve set the base to build a billion-dollar business," commented Aravind Mani, Co-Founder and CEO at River.

This capital injection reaffirms the belief of River's current investors, including Toyota Ventures, Lowercarbon Capital, Maniv Mobility, and Trucks VC, in its goal to redefine mobility for India's youth. Clay Dumas, General Partner at Lowercarbon capital and an existing investor, said, “The River Indie is faster, tougher, and just plain cooler than any two-wheeler on the market, and we can't wait to see it electrify Indian roads starting this August."

Vipin George, Co-Founder and Chief Product Officer at River, added, “We designed Indie keeping in mind the Indian lifestyle, our roads, and usage patterns. Indie is loaded with unique features like 14” inch wheels, crash guards, and front foot-pegs, features that offer great utility and riding experience.”

The new funding marks River's third round, following a $2 million seed round in March 2021 and a $11 million Series A round in July 2022. Notably, River is the sole Indian investment for Al Futtaim group, Toyota Ventures, Trucks VC, and Maniv Mobility. 

Echoing the enthusiasm, Paul Willis, President of Al Futtaim Automotive said, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development.”