Mitsui & co., Ltd. and Marubeni Ventures invested in Bengaluru-based electric vehicle maker River in Series B.The deal’s amount was not disclosed.
The company plans to consolidate and expand its electric vehicle business with the financing.
The electric vehicle (EV) firm founded in March 2021 by Aravind Mani and Vipin George, focuses on design and technology. River’s first product, the Indie, debuted in 2021. After then, the company built a 1.2 lac sq. ft. factory that could produce 1 lac units per year.
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They opened its first store in Bengaluru and expanded across India earlier this year. The brand wants to be in 50+ cities by year’s end.
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River has raised $68M from global investors since its founding. It is the first Indian investment for all its backers, including Yamaha Motor Co., Ltd., Marubeni Ventures Inc., Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv’s Maniv Mobility, and San Francisco’s Trucks VC.
About River
River, an electric car startup, has top worldwide mobility investors.They creates high-quality mobility solutions to improve global livelihoods. The first product is an Indian-made electric two-wheeler for the world.
