Bangaluru-based electric vehicle start-up River has raised $15 million in the latest funding round led by Al Futtaim Group, a Dubai-based conglomerate. Al Futtaim Group operates in over 20 countries in the Middle East, Asia, and Africa with 33,000+ employees.
The raised funds will primarily be utilized for working capital needs, including setting up distribution centers, local sourcing and manufacturing of EV parts, as well as research and development, according to Aravind Mani, the Co-founder and CEO of River. In July 2022, River raised $11 million in its Series A funding round led by Chris Sacca’s Lowercarbon Capital with participation from Toyota Ventures, Maniv Mobility and Trucks VC. Earlier in March 2021, River had raised its seed round of $2 million from mobility-focused venture capital funds, including Israel-based Maniv Mobility and San Francisco-based Trucks VC.
The company plans to use the fresh funding to drive its growth and prepare its manufacturing and distribution networks for the anticipated delivery of vehicles starting August 2023. River, based in Bengaluru, was established in 2021 by Aravind Mani and Vipin George. The company’s first consumer EV model, called ‘Indie,’ has been launched with a starting price of Rs 1.25 lakh.
By securing this funding, River aims to compete directly with other EV players in the market, such as Ola and Ather, as it expands its presence and offerings in the electric vehicle sector.
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