Bengaluru-headquartered electric vehicle (EV) startup – River, announced on Tuesday that it has successfully raised $15 million in a funding round led by Al Futtaim Group, a prominent multinational conglomerate based in Dubai. Other investors, including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC, also participated in the investment round, demonstrating their confidence in River’s vision. This latest capital infusion will play a pivotal role in enhancing the company’s manufacturing capabilities and supporting the imminent market launch of its debut product, Indie.
River expressed its excitement about securing a significant investment round led by Al Futtaim Group, a diversified conglomerate operating across various sectors such as automotive, retail, real estate, healthcare, and financial services in more than 20 countries. The participation of such a renowned multinational powerhouse further validates River’s innovative approach and growth potential in the EV Startup industry.
Founded by Aravind Mani and Vipin George in March 2021, River has already accomplished two successful funding rounds prior to this recent investment. Their journey began with a seed round that raised $2 million in March 2021, followed by a Series A round that secured $11 million in July 2022. In just 20 months since its inception, River has made remarkable progress, including the successful development and testing of its flagship product, Indie, which has already covered over 100,000 kilometers.
In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing
Mani, the Chief Executive Officer of River.
The fresh funding will enable River to accelerate its growth trajectory, strengthening its manufacturing and distribution networks in preparation for the anticipated launch of Indie in August. River’s CEO, Aravind Mani, expressed his pride in the team’s achievements, highlighting the successful development of Indie and its impressive performance during extensive testing.
Al Futtaim Automotive President, Paul Willis, emphasized the company’s rigorous evaluation process, which involved considering more than 50 electric two-wheeler startups. The vision and dedication demonstrated by River’s team stood out, leading to Al Futtaim Group’s decision to invest in the startup. River’s Chief Product Officer, Vipin George, highlighted the meticulous design process of Indie, tailored specifically to suit the Indian lifestyle, road conditions, and usage patterns.
Indie, River’s innovative two-wheeler, boasts features such as 14-inch wheels, crash guards, and front foot-pegs, among others, making it well-suited to the needs and preferences of Indian consumers. With the upcoming market launch of Indie, River aims to revolutionize the EV sector, providing consumers with a compelling and sustainable transportation solution.
As River continues to make strides in the EV industry, the latest funding round led by Al Futtaim Group reaffirms the startup’s position as a promising player in the market. The company’s commitment to in-house product development, combined with strong financial backing, positions River for success as it embarks on its mission to drive sustainable mobility in the electric vehicle space.