Yamaha invests Rs 332 cr in EV startup River

EV Investment: Bengaluru-based electric vehicle (EV) startup, River, on January 6 raised Rs 332.23 crore in its Series B funding round led by Yamaha Motor Co. Ltd, as per media reports.

The existing investors participating in this round were led by the Al Futtiam Group in 2023 followed by Lowercarbon Capital, Toyota Ventures and Maniv Mobility, according to media reports.

The startup saw its first product, the Indie electric scooter, in October last year, which was entirely designed and developed at River’s R&D facility in Bengaluru, the company said.

The two-wheeler EV firm River opened its inaugural showroom in Bengaluru in January, it said.

With Rs 565 crore raised so far, River’s aims to expand its distribution and service network across the country. Unlike other e-scooters that are packed to the brim with technology, the relatively simpler River Indie’s USP is that it has a total of 55 litres of storage space on board, 43 litres under the seat and a 12-litre glovebox, it added.

Hajime “Jim” Aota, Chief General Manager of New Business Development Centre at Yamaha Motor Co. Ltd said, “We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this."