Say hey to River! This Indian electric vehicle (EV) maker manufactures electric two-wheelers. Now, they just raised $40M in an all-equity Series B round.
- Founded in 2021, they’ve delivered nearly 200 units since launching sales in October last year!
Investor check. Yamaha Motors led the round while existing investors like Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Trucks VC, and Maniv Mobility also joined in.
- River will leverage the partnership with Yamaha Motors to advance its design and technology capabilities.
🚦 All about Indie
River describes its flagship scooter product, Indie, as the “SUV of scooters”.
- Why? For one, their EV is roomier than their competitors, like Ola Electric and Ather Energy.
- While both competitors’ EVs have a 12-inch wheelbase and storage with capacity for single helmets, River’s EV has a 14-inch wheelbase and 43-liter storage that can hold two helmets.
Some other features. The scooter’s front foot peg allows riders to put their feet up during rides for comfort!
- You can also attach a floor cage in case you need to store and transport goods or clip pannier boxes on your EV for extra storage.
🛵 The growth plan
They’re going to double down on R&D and expand the market presence of their EV two-wheelers in India.
The company also plans to increase sales to 3K units a month by the end of the year.
- To do this, they’re looking to establish a distributor network that will eventually handle 90% of its sales.