EV company River secures $15 million in funding from Al Futtaim Group.

River, a manufacturer of electric vehicles, has received $15 million in a fresh round of funding sponsored by Dubai's Al Futtaim Group. The Series B round also included participation from pre-existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.

Following a $2 million seed round in March 2021 and an $11 million Series A investment in July 2022, the funding is River's third round. Notably, Chris Sacca's Lowercarbon Capital invested in Mumbai-based SolarSquare in June of last year. Still, Al Futtaim Group, Toyota Ventures, Trucks VC, and Maniv Mobility have only invested in River.

The additional funding will be used to strengthen River's production capabilities and get ready for its impending market debut. According to a news release from River, the firm plans to start making deliveries by August of this year. The company River was founded by Aravind Mani and Vipin George. Its initial offering is a multi-purpose electric scooter that the company says was created in India. The Indie, the company's first product, is said to have been tested for more than a million km. The Indie is in tune with Indian usage trends, roads, and lifestyle, claims the company. The scooter has a number of features, including 14-inch wheels, crash guards, and front footpegs.

Al Futtaim Group is distributed throughout more than 20 countries in the Middle East, Asia, and Africa. It has five main divisions: automotive, retail, real estate, healthcare, and financial services. Al Futtaim Automotive President Paul Willis said that they had examined more than 50 electric two-wheeler start-ups, and the team's vision and unwavering dedication to in-house product development left an impression. He further stated that he does not doubt that their products will be a huge hit both domestically and abroad. He also showed his faith in the success of their products in both the markets, domestic and abroad.

Although the firm is still in its early stages, it may compete with a number of competitors, including two of the industry's biggest names: Ola Electric and Ather.