Monday, September 26, 2022
HomeInsight EV startup River raises $11 mn in Series A round

[Funding alert] EV startup River raises $11 mn in Series A round

[Funding alert] EV startup River raises $11 mn in Series A round
Aravind Mani and Vipin George, co-founders of River

Electric two-wheeler company River has raised $11 million in its Series A funding round from Chris Sacca’s Lowercarbon Capital, with participation from Toyota Ventures.

The company plans to use the funds to expand its team, invest in R&D, set up a manufacturing facility and get its first product ready for sale.

The Bengaluru-based River was founded in 2020 by Aravind Mani and Vipin George, It is a multi-utility electric scooter, completely designed and manufactured in India, which is planned to be launched in late 2022 or early 2023.

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“We are grateful to have such great funds back us in our mission to make our cities cleaner and empower people through mobility. It is the validation of the capability of our team and the progress we have made in product development. We cannot wait to reveal what we have been building at River”, said, Aravind Mani, Co-founder of River.

“We are very focused on utility and livelihood. River is conceived as a brand that creates, celebrates, and enables livelihood. This is the niche we want to go after in the Indian two-wheeler industry, and that’s what sets us apart from the competition,” he added.

The startup has an R&D team of over 100 engineers, and many of its prototypes have been road-tested for more than six months. It has completed a total test drive of 50,000 kms and will reach 1.5 lakh kms before launch.

The company aims to set up a 120,000-square-foot manufacturing facility that can manufacture 100,000 vehicles, and the facility will open in the last quarter of this year.

“Our first electric two-wheeler will be an important milestone for our journey as a company. We wanted to focus on a niche, and we decided to focus on the multi-utility aspect of a two-wheeler,” Vipin, Co-founder of River.

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“Three of four vehicles sold in India are two-wheelers, but what is available today have loud, dirty, gas-burning engines from last century. River’s electric two-wheelers are the new go-to for Indian riders because they’re faster, tougher, and just plain cooler than anything else on the market” said, Chris Sacca,  Managing Partner of Lowercarbon Capital.

Jim Adler, Founding Managing Director, Toyota Ventures, said, “Two-wheeler vehicles are the foundation of mobility in India, and a huge worldwide market principally because they’re so easy to navigate in congested urban environments. We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use.”

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About River

River is an electric vehicle startup backed by marquee international investors in the mobility space. River is building high-quality mobility solutions designed to better the livelihoods of people around the world. The first product is an electric two-wheeler designed and built in India for the world.

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