Electric Vehicle Manufacturer River Secures $15 Million in Funding Round Led by Al Futtaim Group
- ByStartupStory | June 7, 2023
River, an electric vehicle manufacturer, has successfully secured $15 million in a funding round, primarily led by Dubai-based conglomerate Al Futtaim Group. The round also saw participation from River’s existing investors, including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC. The Bengaluru-based startup plans to utilize the newly raised funds to strengthen its growth trajectory, expand its manufacturing capabilities, and enhance its distribution networks in preparation for the commencement of vehicle deliveries, scheduled to begin in August 2023.
River, an electric vehicle (EV) manufacturer established in 2021 by Aravind Mani and Vipin George, has commenced pre-orders for its inaugural electric two-wheeler, the Indie. Interested customers can place their orders through the company’s official website. The ex-showroom price of the Indie is set at Rs 1,25,000.
“In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing,” said Mani, Co-founder and CEO at River.
In March 2023, Al-Futtaim, a UAE-headquartered conglomerate, made a significant move to strengthen its electric vehicle (EV) initiatives. The company unveiled the establishment of an electric mobility enterprise, entered into a partnership as a prominent new energy vehicle collaborator with BYD EV company, and reinforced its commitment to advancing sustainable mobility.
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