Bengaluru-based electric scooter manufacturer, River, has successfully raised $40 million in a Series B funding round, with Yamaha Motor Corp taking the lead. The funding also saw continued support from existing investors, including UAE-based Al-Futtaim Automotive, Lowercarbon Capital, and Toyota Ventures. This substantial investment is earmarked for accelerating the expansion of River’s distribution and service network across the country, along with dedicated funds for research and development activities to propel the company’s future product lineup.
The ambitious plans outlined by River include an expansion into 100 cities over the next two years. Notably, key metro cities such as Hyderabad, Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, and Thiruvananthapuram are at the forefront of River’s strategic expansion goals. Co-founder Aravind Mani emphasized the company’s commitment to reaching new markets and meeting the rising demand for electric scooters in urban centers.
Currently, River operates in Bengaluru, and beyond its company-owned stores, discussions are actively underway with dealers to broaden the physical footprint of the brand. Aravind Mani shared insights into River’s ongoing research and development endeavors, focusing on the creation of innovative scooter formats. He announced that the company’s next product is slated for launch in 2026, signaling River’s dedication to staying at the forefront of technological advancements in the electric scooter industry.
River’s maiden product, the Indie electric scooter, has already made waves in the market. Priced at Rs 1.38 lakh, it offers a competitive alternative to other electric scooters, including Ather Energy’s Ather 450 Apex, which starts at Rs 1.88 lakh. The affordability coupled with advanced features has contributed to Indie’s success, prompting River to explore further opportunities for growth and market penetration.
The infusion of $40 million in funding, spearheaded by Yamaha Motor Corp, not only validates River’s potential in the electric scooter sector but also provides the necessary capital for the company to execute its ambitious expansion and innovation plans. As the electric scooter market continues to evolve, River’s strategic positioning and emphasis on research and development will likely shape the future of sustainable urban mobility.River’s expansive 120,000-square-foot manufacturing hub is situated in Hoskote, on the outskirts of Bengaluru. Jim Aota Hajime, Chairman of Yamaha Motor Ventures, expressed enthusiasm for River’s vision and pledged Yamaha’s support. Founded in March 2021 by Aravind and Vipin George, the company has secured $68 million in funding. Notable investors include Tel Aviv’s Maniv Mobility and San Francisco-based Trucks VC. In a competitive landscape, River contends with rivals such as Ather Energy, Ola Electric, Hero Electric, and other players in the EV scooter manufacturing sector
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