Two-wheeled motorcycles, mopeds and kick scooters are key pieces of mobility in India. In a country with cities known for high levels of congestion, two-wheeled vehicles are popular for their affordability and ease of navigating urban gridlock. Sales of two-wheelers touched over 15 million in India last year, compared to nearly 4 million passenger vehicles. Even further, cars make up over 13 percent of the vehicle population in India, whereas two-wheelers represent more than 70 percent. These vehicles clearly hold huge promise for urban transportation throughout the country.
Numerous factors have spurred this market to expand, including government incentives to electrify, a booming e-commerce delivery market and gas price increases. And with India in the top six economies in the world, the opportunity to tap into this market and play a role in this expansion is massive. We believe that vehicle innovation that’s clean and affordable will support both work and leisure use cases. These are just some of the reasons why I’m so thrilled to welcome River to the Toyota Ventures portfolio.
Founded in 2020 and based in Bengaluru, India, River aims to offer high-quality, affordable and stylish all-electric two-wheeled vehicles for both consumer and commercial use. With a mission of reimagining how everyday people ride in their lives and livelihoods, River is taking a unique approach by creating customizable multi-utility vehicles. The moped has enough durability and flexibility for workloads by day, while being stylish enough for social trips at night.
The vehicle’s ability to be outfitted for commercial applications, while maintaining a desirable design for consumer use, bodes well for the company to appeal to a range of customers. While first targeting consumers directly, the company has plans for potentially expanding its sales to businesses that might offer shared vehicles for public use, fleet operators and e-commerce companies.
While the market is ripe for disruption, we believe the River team will drive the success of the company from concept to commercialization. Founded by Aravind Mani (CEO) and Vipin George (CTO), the pair brings a combined 20+ years of experience in the automotive industry with a specific focus on two-wheeled vehicles. Aravind served as the vice president of operations and strategy at Ultraviolette Automotive, where he met Vipin, who was the lead designer at the time. Together, they have assembled a team of like-minded professionals with backgrounds at Ather, Arai, Bosch, Honda, Ultraviolette and Vespa. They all share the passion to revolutionize the way the world moves people and things on two wheels.
Marking our first deal in India, we are thrilled to support the River team as they create mobility products that better the life and livelihoods of people around the world. Together with senior associate Chris Abshire, who played an essential role in driving this deal, we are pleased to join the company’s Series A round led by LowerCarbon Capital. Other participating investors include Maniv Mobility, Trucks VC and Siix.
Visit River’s website and Toyota Ventures’ portfolio page to learn more.