Mumbai: Electric scooter startup River on Tuesday announced it has raised $40 million (Rs 335 crore) in Series B funding led by Japan’s Yamaha Motor Co, Ltd. The funds will be utilised for scaling up the distribution and service network, among others.
“The investment is a significant boost for our plan to build a billion dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow.”, said Aravind Mani, Co-founder and CEO of River.
The company entered the domestic EV market with its first e-scooter, Indie, in October last year, and in January it opened its first River store in Bengaluru.
