Yamaha Motor backs Indian electric scooter firm’s $40m raise

River co-founders Aravind Mani (left) and Vipin George / Photo credit: River

Two-wheeler electric vehicles are part of India’s efforts to promote net zero among the country’s middle class. The local market for these vehicles is projected to reach US$750 million by 2025.

Amid the rising momentum, one of the players in the country’s two-wheeler EV sector, River, recently secured US$40 million in a series B funding round.

Yamaha Motor led the investment, with participation from investors such as Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.

With the fresh funds, River aims to expand its distribution and service network for electric scooters across India. The company will also use the funds for research and development of new products.

Founded in 2021 by Aravind Mani and Vipin George, River launched its first electric scooter named Indie in October 2023, which was developed and produced in Bengaluru. The company also opened its first store in the city last month.

“We have built a great base in R&D and manufacturing over the last two years, and now it’s time to grow,” said Mani, who also serves as River’s CEO, in a statement.

This latest investment brings River’s total funds raised to US$68 million since March 2021. It last secured US$11 million in a series A round in 2022.

See also: Mapping the US-China rivalry in global EV race