Mitsui & Co., Ltd. and Marubeni Ventures have made investments in River, an electric car manufacturer based in Bengaluru, as part of its Series B funding round. The monetary value of the deal was not revealed.
The company intends to merge and broaden its electric vehicle enterprise through financing.
The inaugural product of River, known as the Indie, made its appearance in the year 2021. Subsequently, the company constructed a 1.2 lac sq. ft. facility with the capacity to manufacture 1 lac units annually.
The company inaugurated its first location in Bengaluru and subsequently expanded its presence throughout India earlier this year. The brand aims to expand its presence to over 50 cities by the end of the year.
River has quickly gained recognition through the introduction of its first product, the Indie, and the creation of a cutting-edge manufacturing facility capable of producing 100,000 units per year.
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The investments made by Mitsui and Marubeni emphasize River’s increasing significance in the Indian electric vehicle (EV) sector and emphasize its potential for worldwide expansion. This funding round represents the initial investment by Mitsui & Co., Ltd. and Marubeni Ventures Inc. in an Indian startup, highlighting River’s attractiveness as a strategic partner in the electric vehicle (EV) industry.
River has secured a total of $68 million in funding from international investors since its establishment. This marks the inaugural Indian investment for all of its supporters, which include Yamaha Motor Co., Ltd., Marubeni Ventures Inc., Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv’s Maniv Mobility, and San Francisco’s Trucks VC.
About River
Founded in 2020 by Aravind Mani, 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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