[Funding Alert] EV Startup River raises $11 Mn to bring its first EV to Indian Roads and Loads

River EV

EV Two-wheeler startup, River has raised $11 million in Series A funding round led by Lowercarbon Capital. Toyota Ventures also participated in this round.

River will use the funds to expand its team, invest in R&D, set up a manufacturing facility, and get its first product ready for sale. It also plans to go for mass production soon.

Last year, River raised a seed round of $2 million from Israel-based Maniv Mobility and San Francisco-based Trucks VC. It has raised a total of $13 million in funding.

Founded in 2020 by Arvind Mani and Vipin George, River is building the scooter specifically for carrying loads. River aims to replace the small pickups with its Electric scooter that comes with significant load-carrying capacity.

River competes with the likes of Ola Electric, Okinawa, Aether Energy and others in India’s fast-growing two-wheeler EV space. The startup to raise another $100 Mn and will raise the funds before it starts selling its two-wheelers.

As the biggest chunk of Indian two wheelers are used to carry loadss around, the startup may also target last-mile delivery EVs.

Aravind Mani, Co-founder of River, said, “We are grateful to have such great funds back us in our mission to make our cities cleaner and empower people through mobility. It is the validation of the capability of our team and the progress we have made in product development. We cannot wait to reveal what we have been building at River. We are very focused on utility and livelihood. River is conceived as a brand that creates, celebrates, and enables livelihood. This is the niche we want to go after in the Indian two-wheeler industry, and that’s what sets us apart from the competition”

Vipin George, Co-founder of River, said, “Our first electric two-wheeler will be an important milestone for our journey as a company. We wanted to focus on a niche, and we decided to focus on the multi-utility aspect of a two-wheeler.”

Chris Sacca, Managing Partner at Lowercarbon Capital, said, “Three of four vehicles sold in India are two-wheelers, but what’s available today have loud, dirty, gas burning engines from last century. River’s electric two-wheelers are the new go-to for Indian riders because they’re faster, tougher, and just plain cooler than anything else on the market.”

Jim Adler, Founding Managing Director at Toyota Ventures, said, “Two-wheeled vehicles are the foundation of mobility in India and a huge worldwide market principally because they’re so easy to navigate in congested urban environments. We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use.”

India saw a marginal increase in EV registrations in July, with Hero Electric topping the charts. While EVs are being touted as the future of mobility, consumer anxieties related to range, efficiency and the recent fire incidents have seen demand shrink for some of the EV players.

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