River receives USD40mn funding from Yamaha motors

Leading Series B investment round for electric scooter startup River, the Japan-based Yamaha Motor Co., Ltd. has invested USD 40 million (about Rs 335 crore) in the EV manufacturing company, according to the latest announcement by River.

"The investment is a major step forward in our aim to develop by 2030 a billion-dollar worldwide utility-lifestyle brand. It's time to expand since we have established a strong foundation in R&D and production over the past two years,” according to River's co-founder and CEO, Aravind Mani.

With the launch of its first e-scooter, Indie, in October of last year, the firm joined the local EV market. In January, it established its first River shop in Bengaluru.

According to River, current investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility all participated in the Series B fundraising round. Moreover, the firm has raised USD 68 million (around Rs 565 crores) in total finance since its founding in March 2021, including its most recent capital injection.

With this investment, the business intends to increase R&D expenditures for the next product lineups and expand its nationwide distribution and service network. The co-founder and chief product officer of River, Vipin George, stated, "The partnership with Yamaha will help us leverage the design and technology capability that we have built at River."

The business said that Hoskote, a manufacturing site located on the outskirts of Bengaluru, is where its first e-scooter, Indie, was entirely conceived and developed at its R&D centre in Bengaluru.