Bengaluru-based EV startup River raises $40 million from Yamaha Motor, others

River, a Bengaluru-based electric vehicle (EV) startup, has raised $40 million in a Series B funding round, taking its all-time raise to $68 million.

Yamaha Motor Co., Ltd. led the round, with participation from existing investors, including Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility. 

Expanding distribution and service network

With the fresh capital, River said it will focus on distribution and service network throughout India, aiming to establish a stronger market presence.

Additionally, the startup will further invest in research and development (R&D) to innovate and expand its future product lineup. 

“The investment is a significant boost for our plan to build a Billion-dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow,” said Aravind Mani, Co-founder and CEO of River.

Leveraging Yamaha's design and technology expertise 

According to Co-founder & CPO Vipin George, River will leverage Yamaha's expertise in design and technology.

“I learned to ride on a Yamaha motorcycle and have been amazed by the highest levels of performance that they stand for. And now, Yamaha investing in River is quite a surreal feeling. I’m excited about what the partnership can achieve,” he said.

River's first product 

River introduced its first product, the Indie, in October 2023, described as the "SUV of scooters." The product was fully designed and developed at River's R&D facility in Bengaluru and is manufactured at its factory in Hoskote, as per the statement.

Following the launch, River inaugurated its first store in Bangalore in January 2024. The startup now plans to expand its presence to 100 cities over the next two years and aims to launch another product by 2026. 

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