Bengaluru-based start up, River, has raised USD 15 million in a round of funding, led by the Al Futtaim Group. The Al Futtaim Group is a large conglomerate that has dealerships and distribution channels for many globally known automotive brands such as Toyota, Lexus, Honda and Jeep. Existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in this round.
The newly secured capital will boost the company’s manufacturing process and help it stay on course for its product’s upcoming market launch, in August 2023. The new funding marks River's third round, following a USD 2 million seed round in March 2021 and a USD 11 million Series A round in July 2022.
We found the River Indie to be quite an impressive product when we got a chance to get up close with it and to see our walkaround video and hear our first impressions, click here. The Indie is the only e-scooter to run on 14-inch wheels at both ends and it is designed to put practicality over outright sporting intentions. To see how the Indie stacks up against the leading Indian e-scooters on paper, click here.
Suraj Sreekumar
Vishal Venugopal
Stephen Raj Antony
