River, a Bengaluru-based startup building multi-utility electric scooters has secured USD 40 million (Rs 335 crore) in an oversubscribed Series B funding led by Yamaha Motor Co., Ltd.
The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.
This round takes the cumulative fund raised by the company to USD 68 million (Rs 565 crore) since its inception in March 2021.
With this funding, the company 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 started selling its first product Indie, the SUV of scooters in October 2023. Indie was fully designed and developed at the River R&D facility in Bengaluru and manufactured in the River Factory at Hoskote on the outskirts of Bengaluru. The first River store opened in Bangalore in January 2024.