River, a Bengaluru, India-based electric vehicle manufacturer, received a Series B funding from Mitsui & co., Ltd. and Marubeni Ventures.
The amount o the deal was not disclosed.
The company intends to use the funds to consolidate its position and expand its footprint in the electric vehicle industry.
Founded in March 2021 by Aravind Mani and Vipin George, River is an electric vehicle (EV) startup with a a focus on design and technology. River’s journey began with the development of its maiden product, the Indie in 2021. Soon after, the company set up a 1.2 lac sq. ft. manufacturing facility with a production capacity of 1 lac units per year. Earlier this year, River marked a significant milestone in its expansion plans starting with its first store in Bengaluru followed by expansion across India. By year end, the brand plans to have a presence in 50+ cities in the country.
Since its inception, River has raised $68M from global investors. Apart from Mitsui & Co., Ltd, River is the first Indian investment of all its investors – Japan’s Yamaha Motor Co., Ltd. and Marubeni Ventures Inc., Dubai based conglomerate Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv based Maniv Mobility and San Francisco based Trucks VC.
FinSMEs
08/07/2024