Indian EV Startup River Raises Nearly 350 Crore Investment!

Bangalore-based EV startup River has raised an investment of 40 million USD (Rs 335 crore) globally in an oversubscribed Series B round (second round of funding). Interestingly, Yamaha Motor Company and UAE automotive giant Al-Futtaim are among the top investors.

With the second round of funding, River has raised a total of 68 million USD (Rs 565 crore) since it was started in March 2021. The manufacturer plans to utilize it to expand its distribution and service network across India and to invest more in research and development for future products. 

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Yamaha's support should help River improve its future products by providing expertise, resources, and technology. Yamaha's automotive experience will offer valuable insights, enabling River to produce even better products.

Launched in October 2023, the Indie electric scooter is the only product offered by River currently, which it calls the ‘SUV of scooters’ because of its practical and utilitarian design and capabilities. The Indies electric scooter was designed at River's Bengaluru Research and Development facility and was manufactured at the company's factory in Hoskote, situated on the outskirts of Bangalore. The first offline River store was opened in Bangalore in January 2024.