Yamaha Motor Supports Indian Electric Scooter Firm’s $40M Fundraise

The adoption of two-wheeler electric vehicles is a significant component of India's strategy to promote net zero emissions, particularly among the country's middle class. The local market for these vehicles is expected to grow substantially, with projections indicating it could reach a value of US$750 million by 2025.

River, a player in India's two-wheeler electric vehicle sector, recently secured $40 million in a Series B funding round led by Yamaha Motor. This investment signifies growing interest and support for electric mobility solutions in India. Alongside Yamaha Motor, other notable investors such as Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility also participated in the funding round. This diverse group of investors underscores the significance of River's mission and the potential of the Indian electric scooter market, which is projected to reach $750 million by 2025.

With the new capital infusion, River plans to significantly expand its distribution and service network for electric scooters across India. This expansion strategy aligns with the increasing demand for eco-friendly transportation options and the government's push towards electric mobility to reduce pollution and carbon emissions. Additionally, the funds will support River's research and development efforts aimed at introducing new and innovative electric scooter models tailored to the needs of Indian consumers. Overall, the funding round marks a significant milestone for River as it positions itself to play a leading role in India's transition to sustainable urban mobility solutions.

Founded in 2021 by Aravind Mani and Vipin George, River has been making significant strides in the Indian electric scooter market. The company launched its inaugural electric scooter, named Indie, in October 2023. Developed and produced in Bengaluru, Indie represents River's commitment to delivering high-quality, locally manufactured electric vehicles tailored to the needs of Indian consumers. In addition to the product launch, River recently inaugurated its first store in Bengaluru, marking a significant milestone in its retail presence and customer engagement strategy.

Aravind Mani, CEO of River, expressed enthusiasm about the company's growth trajectory, stating, "We have built a great base in R&D and manufacturing over the last two years, and now it's time to grow." This sentiment reflects River's focus on leveraging its strong foundation in research, development, and manufacturing to expand its market reach and accelerate its business operations.

The recent Series B funding round, led by Yamaha Motor and supported by key investors such as Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility, underscores confidence in River's vision and potential. With this latest investment, River's total funds raised amount to $68 million since March 2021, reflecting a significant vote of confidence from investors in the company's mission and growth prospects. It's worth noting that River previously secured $11 million in a Series A funding round in 2022, highlighting its steady progress and continued momentum in the electric mobility space.