Indian electric two-wheeler maker River raises $15M from Dubai's Al-Futtaim Group

Bengaluru-based electric two-wheeler maker River is now close to delivering EVs to its customers and with this new Series B round of funding, it is aiming to strengthen its manufacturing and distribution networks to fuel the growth plans.

The $15 million round was led by Dubai’s Al-Futtaim Group, with participation from existing backers Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.

Prior to this Series B round, River had raised $11 million in August 2022 from Lowercarbon Capital and Toyota Ventures.

Founded in 2021 by Aravind Mani and Vipin George, River has opened pre-orders for its EVs, Indie, which is priced at Rs 1,25,000 and will start delivering from August 2023.

"In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing," said Mani, the Chief Executive Officer of River.

The development comes after Dubai-based A1-Futtaim announced its decision to double down on EV investments. "We evaluated over 50 electric two-wheeler start-ups, and were impressed by the team's vision and commitment to in-house product development," Paul Willis, President, Al Futtaim Automotive said on the group's investment in River.

In February 2023, River launched Indie, which it called the SUV of scooters. The scooter was designed at the River R&D facility in Bengaluru.

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