EV start-up River raises $40 million in Sequence B spherical led by Yamaha Motor

River, a Bengaluru-based electrical automobile (EV) start-up, has raised $40 million (₹335 crore) in sequence B funding led by Yamaha Motor Co., Ltd.

The spherical additionally noticed participation from present traders Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility, the corporate mentioned in a press release.

• Additionally learn: EV start-up River launches its first e-scooter at ₹1.25L

The corporate plans to deploy the funds to scale the distribution and repair community throughout the nation and make investments additional in R&D.

Hajime “Jim” Aota, Chief Basic Supervisor of New Enterprise Improvement Centre, Yamaha Motor Co., Ltd., mentioned, “We’re impressed by the progress that River has achieved in such a brief span of time, particularly with the sturdy give attention to design and expertise. We’re excited in regards to the conviction that Aravind and Vipin have for River and the way Yamaha can help the corporate to realize this.”

Based in March 2021 by Aravind Mani and Vipin George, River is backed by marquee traders similar to Yamaha Motor Co., Ltd., Dubai primarily based Al Futtaim group, Chris Sacca’s Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Vehicles VC.

Commenting on the fund increase Aravind Mani, Co-founder and CEO of River mentioned, “The funding is a major increase for our plan to construct a billion-dollar international utility-lifestyle model by 2030. We now have constructed a fantastic base in R&D and manufacturing during the last two years and now, it’s time to develop.”