Funding Alert

EV startup River raises $11M in Series A funding led by Lowercarbon Capital, others

• ByStartupStory     |    August 2, 2022

Bengaluru-based electric two-wheeler startup River on Tuesday said it has raised $11 million in a Series A round of funding led by Chris Sacca’s Lowercarbon Capital, with participation from Toyota Ventures. The EV startup will utilize the funds to build its team, invest in R&D, set up a manufacturing unit, and get its first product ready for sale. “We will be all set for mass production with this funding,” Aravind Mani, Co-founder and CEO, River.

The startup had raised a seed funding of $2 million from Israel-based Maniv Mobility and San Francisco-based Trucks VC —mobility-focused global venture capital funds earlier in March 2021. So far, the startup has raised a total capital of $13 million.

The startup has an R&D team of over 100 engineers, and several of its prototypes are tested on roads for more than six months. It has completed an overall test drive of 50,000 kms and would reach 1.5 lakh km before it is launched.

Aravind added, “We are grateful to have such great funds back us in our mission to make our cities cleaner and empower people through mobility. It is the validation of the capability of our team and the progress we have made in product development. We cannot wait to reveal what we have been building at River.”

“Our first electric two-wheeler will be an important milestone for our journey as a company. We wanted to focus on a niche, and we decided to focus on the multi-utility aspect of a two-wheeler,” Vipin, Co-founder of River.

Jim Adler, Founding Managing Director, Toyota Ventures, said, “Two-wheeler vehicles are the foundation of mobility in India, and a huge worldwide market principally because they’re so easy to navigate in congested urban environments. We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use.”

About River

Founded in 2020 by Aravind and Vipin George, River is building high-quality, mobility solutins designed to better the livelihoods of people around the world . The first product is an electric two-wheeler designed and build in India for the world.

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