River, a Bengaluru-based startup building multi-utility electric scooters, has announced a $40 million (335 INR Crores) Series B led by Yamaha Motor Co., Ltd. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
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This round takes the cumulative fund raised by the company to $68 Million (565 INR Crores) since its inception in March 2021. With this funding, the company plans to scale the distribution and service network across the country and invest further in R&D for the future lineup of products.
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“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this”, says Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.
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“The investment is a significant boost for our plan to build a Billion dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow.”, said Aravind Mani, Co-founder and CEO of River.
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“The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River.”, said Vipin George, Co-founder and Chief Product Officer at River. “I learned to ride on a Yamaha motorcycle and have been amazed by the highest levels of performance that they stand for. And now, Yamaha investing in River is quite a surreal feeling. I’m excited about what the partnership can achieve”.
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About River
River is an electric vehicle (EV) startup based in Bengaluru. With an emphasis on design and technology, River builds products that positively impact people’s everyday lives. Founded in March 2021 by Aravind Mani and Vipin George, River is backed by marquee investors such as Yamaha Motor Co, Ltd, Dubai-based Al Futtaim group, Chris Sacca’s Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.
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