River Raises $40 Million in Series B Round Led by Yamaha Motor
River, the Bengaluru-based electric vehicle startup, has successfully raised $40 million in a Series B funding round. This significant investment was led by Yamaha Motor Co, Japan, and saw participation from our existing investors, including Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
In a landmark move, River launched its first product, the innovative SUV scooter “Indie,” in October 2023. The Indie, boasting a design and development process rooted in our Bengaluru R&D facility, is manufactured at our state-of-the-art factory in Hoskote. Our journey continued with the opening of the first River store in Bangalore in January 2024, marking a new chapter in our journey.
Hajime ‘Jim’ Aota, Chief General Manager of the New Business Development Centre at Yamaha Motor Co, praised River for its remarkable strides in design and technology. To date, River has raised a total of $68 million since its inception in March 2021. We plan to use the funds from this round to broaden our distribution and service networks throughout India, further invest in R&D for our upcoming product lines, and fuel our overall growth ambitions.
Paul Willis, CEO of AI-Futtaim Automotive, celebrated our progress and the successful market debut of Indie, recognizing its potential not only in India but across international markets. This round of funding marks the first Indian investment for all our backers, highlighting the global belief in River’s vision and potential.
Aravind Mani, Co-Founder & CEO of River, shared our vision of becoming a billion-dollar global utility lifestyle brand by 2030. This investment significantly advances our strategic plan, underpinned by our strong R&D and manufacturing foundation.
Vipin George, Co-Founder & Chief Product Officer, also expressed enthusiasm for our collaboration with Yamaha, leveraging our design and technology to scale new heights together.
Stay tuned for more updates as we continue to drive the future of electric mobility, both in India and globally!