River Receives Investment in Series B Funding Round
Mitsui & Co., Ltd. and Marubeni Ventures Inc. have announced their investment in River’s Series B round.
June 28, 2024. By Aishwarya
Aravind Mani, Co-founder and Chief Executive Officer of River, stated, “This partnership further solidifies River’s position in the Indian two-wheeler market and paves a path for our global expansion.”
Daishi Mochizuki, General Manager of Personal Mobility Business Dept, Mobility & Industrial Business Div, Mobility Business Unit I of Mitsui & Co., Ltd. additionally stated, "We are highly impressed with River's potential in the Indian two-wheeler market. Their agility and efficiency of the development process from concept to commercialization of the product is commendable.”
Rocky Eda, Managing Director of Marubeni Ventures Inc. said, “Through this investment, we are committed to the Indian EV scooter market and look forward to observing the consumer behaviour of the younger generation that will support the explosive growth of the Indian economy.”
Since its inception, River has raised USD 68 Million from esteemed global investors. Apart from Mitsui & Co., Ltd, River is the first Indian investment of all its investors - Japan’s Yamaha Motor Co., Ltd. and Marubeni Ventures Inc., Dubai-based conglomerate Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv based Maniv Mobility and San Francisco based Trucks VC.
River's journey began with the development of its maiden product, the Indie in 2021. Soon after, the company set up a 1.2 lac sq. ft. manufacturing facility with a production capacity of 1 lakh units per year. Earlier this year, River marked a significant milestone in its expansion plans starting with its first store in Bengaluru followed by expansion across India. By year end, the brand plans to have a presence in 50 plus cities in the country.
please contact: contact@energetica-india.net.
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