River, a Bangalore-based startup that builds electric two-wheelers, has announced an $11 million Series A fundraise led by Chris Sacca’s Lowercarbon Capital in participation with Toyota Ventures and existing investors Maniv Mobility and Trucks VC, bringing the total funding to $13 Million (100 Crore INR). With this funding, the company plans to expand its team, invest further in R&D, set up a manufacturing facility, and get its first product ready for sale.
The company raised its seed round of $2 million in March 2021 from mobility-focused venture capital funds Israel-based Maniv Mobility and San Francisco-based Trucks VC, which was the first investment in India for both the funds and the only one to date.
“Our first electric two-wheeler is designed with a broad usage spectrum in mind. We are reimagining how people ride and carry their world on two wheels”, said Vipin George, Co-founder of River. Vipin was an automobile designer at Honda before River.
“Three of four vehicles sold in India are two-wheelers. River’s electric two-wheelers are the new go-to for Indian riders because they’re faster, tougher, and just plain cooler than anything else on the market,” said Chris Sacca, Managing Partner of Lowercarbon Capital, known for previous investments in early-stage technology companies like Twitter, Uber, and Instagram.
“Two-wheeled vehicles are the foundation of mobility in India and a huge worldwide market principally because they’re so easy to navigate in congested urban environments,” says Jim Adler, founding managing director of Toyota Ventures. “We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use.”
“It (the funding) is the validation of the capability of our team and the progress we have made in product development. We cannot wait to reveal what we have been building at River”, said Aravind Mani, Co-founder and CEO of River.
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