River secures investments from Mitsui & Marubeni Ventures

River, a Bangalore-based startup specializing in electric scooter manufacturing and sales in India, has received significant investments from Mitsui & Co., Ltd. and Marubeni Ventures Inc. in its Series B funding round. This brings River’s total funding to USD 68 million since its inception in 2021. The new investment will help River advance its efforts in the electric vehicle market, focusing on introducing new technology and sustainable solutions to consumers globally.

The company established its flagship store in Bangalore in early 2024 and plans to expand to over 50 cities by the end of the year. Manufacturing will take place at its factory in Bangalore’s suburbs, covering 11,000 square meters. Marubeni Ventures aims to support River’s business expansion by leveraging the Marubeni Group’s expertise.

The Indian electric scooter market is expected to grow. The partnership aims to support the “Make in India” initiative by utilizing Mitsui’s networks and River’s design capabilities. Mitsui plans to collaborate with River and Yamaha, which also invested in River in January 2024. Al Futtaim, Lowercarbon Capital, Toyota Ventures, Maniv Mobility, Trucks VC etc. are also shareholders of River.

Also read: River raises USD 40 million in series B led by Yamaha Motor