Electric vehicle maker has raised $15 million in a round led by Dubai-based conglomerate, Al Futtaim Group. River’s existing investors, including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC, also participated in the round.
The Bengaluru-based startup will use the fresh funds to bolster its growth, manufacturing, and distribution networks ahead of the delivery of its vehicles, which will start in August 2023.
Founded in 2021 by Aravind Mani and Vipin George, EV manufacturer River has opened pre-orders for its first electric two-wheeler, Indie, on its website. The vehicle is priced at Rs 1,25,000, ex-showroom.
“In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing,” said Mani, Co-founder and CEO at River.
River has raised a total of $28 million in funding. It had raised a seed round of $2 million in 2021, followed by $11 million last year.
In March 2023, Al-Futtaim, the UAE-based diversified business group, announced its decision to double down on EV efforts. It launched an electric mobility company, became a new energy vehicle partner for BYD EV company, and recommitted to its vision of making mobility sustainable.
“We evaluated over 50 electric two-wheeler startups, and are impressed by the team’s vision and relentless commitment to in-house product development,” said Paul Willis, President of Al Futtaim Automotive, in a press release.
