EV startup River raises $11M in Series A funding round from Lowercarbon Capital, Toyota Ventures

Bengaluru-based electric two-wheeler company River on Tuesday it said it has raised $11 million in a Series A funding round led by Chris Sacca’s Lowercarbon Capital, in partnership with Toyota Ventures.

The EV startup will use the capital to expand its team, invest in R&D, set up a manufacturing facility and get its first product ready for sale. “With this funding, we are all set for mass production,” said Aravind Mani, co-founder and CEO of River. your story.

Founded in 2020 by Aravind and Vipin George, River’s first product is a multi-purpose electric scooter, designed and built entirely in India, which it aims to launch by late 2022 or early 2023.

Earlier in March 2021, the startup had raised a $2 million starting round from Israel-based Maniv Mobility and San Francisco-based Trucks VC – mobility-focused global venture capital funds. To date, the startup has raised total funding of $13 million.

River plans to set up a 120,000-square-foot manufacturing facility that can build 100,000 vehicles. According to the founders, the facility will open in the last quarter of this year.

The startup has an R&D team of more than 100 engineers and several prototypes are being tested on the road for more than six months. It has completed a 50,000 km general test drive and is set to reach 1.5 lakh km before launch.

Image credit – River

In a statement, Aravind said: “We are grateful to have received so much money for our mission to make our cities cleaner and empower people through mobility. It is confirmation of the capabilities of our team and the progress that we’ve booked in development. We can’t wait to reveal what we’ve built at River.”

“Our first electric two-wheeler will be an important milestone in 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,” River co-founder Vipin told your story.

“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 pursue in the Indian two-wheeler industry, and that is what sets us apart from the competition,” added Aravind.

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

Jim Adler, Founding Managing Director of Toyota Ventures, said: “Two-wheel vehicles are the foundation of mobility in India, and a huge global market, especially because they are so easy to navigate in busy urban environments. We think River will accommodate this huge opportunity by offering high-quality, affordable and stylish all-electric two-wheel vehicles for both consumer and commercial use.”

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