 "Electric vehicles")
Bengaluru-headquartered EV startup River on Tuesday said it has raised USD 15-million capital in a funding round led by Dubai-based Al Futtaim Group.
Besides, other investors including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in the investment round, River said in a release.
The fresh capital infusion will help the company boost its manufacturing capabilities and also in the upcoming market launch of its maiden product -- Indie.
"River raised a USD 15 million investment round led by Dubai's multinational powerhouse, Al Futtaim Group," River said in the statement.
The diversified group has five operating divisions -- automotive, retail, real estate, healthcare, and financial services -- spread across over 20 countries, as per the statement.
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This is the third fund raised by the startup founded by Aravind Mani and Vipin George in March 2021, following a USD 2-million seed round in March 2021 and a USD 11-million Series A round in July 2022.
"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 fresh funding will bolster River's growth, priming its manufacturing and distribution networks for an August delivery kick-off, it added.
"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.
"We designed Indie keeping in mind the Indian lifestyle, our roads, and usage patterns," said George, the Chief Product Officer at the company.
The two-wheeler Indie comes with features such as 14-inch wheels, crash guards, and front foot-pegs among others, River said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
