The electronic vehicle segment is booming with massive growth. In the past year, there are numerous startups and brands have been introduced in the market working on the EV. It is the highest probability that the world going to shift to EVs in the upcoming years. Recently Bengaluru-based EV startup River has raised $40 million in funding in its series B round. Here we will discuss everything about the company and what they doing and the products they have made.
EV Startup River was founded in 2021 and launched its first product in October 2023. They are known for EV scooters with ultimate features, especially for netizens. River opened its first store in Bengaluru, India in January 2024. River’s attractive design and advanced technological features are seeking the attention of investors. Vipin George is the co-founder of chief product officer of River. He said that partnering with Yamaha will enhance their design and technological capabilities for the customers. Chief Executive Offer (CEO) of River Aravind Mani also has positive beliefs after the collaboration with Yamaha.
As per the details, the EV startup River has raised $40 million in funding from a series B round including several investors like Yamaha Motor Co Ltd Japan. Other existing investors participated like Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility. Since the startup has been started, it has raised around $68 million in funding which includes seed funding and a series B round.
The company announced that funding will be used for the expansion of the distribution network and services across India. Currently, they are operating in Bengaluru. Probably, we will see EV startup River in our cities soon in the upcoming months. Now it will be interesting to see how the company will grab the maximum market cap with its technologically advanced EV. Stay tuned to read the latest business news on the Industrial Front.