Bengaluru-based River Raises $40 Million in Series B Funding Round Led by Yamaha Motor Co

• ByStartupStory     |    February 6, 2024

River, a Bengaluru-based electric vehicle startup, has secured $40 million in a Series B funding round led by Yamaha Motor Co, along with existing investors such as UAE-based Al-Futtaim Automotive, Lowercarbon Capital, and Toyota Ventures. The company plans to utilize the funding to expand its distribution and service network across India and invest in the research and development of its future products.

Over the next two years, River aims to enter 100 cities, with metro cities like Hyderabad, Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, and Thiruvananthapuram topping its expansion list, according to co-founder Aravind Mani. The company is actively engaging with dealers to expand its physical footprint beyond its existing operations in Bengaluru.

River is focusing its research and development efforts on developing new scooter formats, with its next product set to launch in 2026, added Mani.

The company’s flagship product, Indie, is an e-scooter priced at Rs 1.38 lakh, which is lower than Ather Energy’s top variant, the Ather 450 Apex, starting at Rs 1.88 lakh.

River operates a 120,000-square-foot manufacturing facility located in Hoskote, on the outskirts of Bengaluru. “We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this,” said Hajime “Jim” Aota, chief general manager of New Business Development Centre, Yamaha Motor, in a press release.

Since its founding in March 2021 by Aravind and Vipin George, who also serves as its chief product officer, River has raised a total of $68 million in funding. The company’s major competitors include Ather Energy, Ola Electric, Hero Electric, and other electric vehicle scooter manufacturers.

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