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  • Bengaluru-based electric two-wheeler startup River secures $40 million in Series B funding.
  • Lead investor Yamaha Motor Corporation is joined by Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
  • River has raised a total of $68 million since its establishment in March 2021.

Bengaluru-based electric two-wheeler manufacturing startup River has secured $40 Mn in its Series B funding round. The funding was led by Japan's Yamaha Motor Corporation and also included participation from existing investors such as Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility. 

River plans to use the funds to strengthen its distribution network, enhance its R&D capabilities, and develop new products. The startup is set to launch a new vehicle model in 2026 and aims to expand its presence to 100 cities by then. Since its establishment in March 2021, River has raised a total of $68 Mn in funding.

According to Vahan data, River's EV registration number reached approximately 92 units in 2023, achieving this milestone in the past three months. The EV manufacturer aims to sell 300 units of vehicles by March this year.

Despite facing the competition from, Ola Electric, TVS Motor, and Bajaj Auto, Mani mentioned that River is not aiming to catch up with the top players to gain a majority market share. Instead, the focus is on building the company's fundamentals.

Edited by Shruti Thapa