- Led by Dubai’s Al Futtaim Group, the all-equity funding round also saw participation from River’s existing investors
- The EV startup plans to set up its dealership network, while also boosting manufacturing and delivery
- It is targeting to achieve breakeven by selling 5,000 units a month by the middle of 2024
In a recent update, a Bengaluru-based electric vehicle start-up River EV secured $15 million in funding. The EV company mentioned in a statement that the newly-raised fund will be used for manufacturing, delivery and setting up of a dealership network. Led by Dubai’s Al Futtaim Group, the all-equity funding round also saw participation from River’s existing investors including Lowercarbon Capital, Toyota Ventures, Maniv Mobility and Trucks VC. With the latest funding, the EV company has secured a total of Rs 231 crore to date. The startup has not yet begun the deliveries of its product. The e-scooter deliveries are likely to begin by August 2023.
The co-founder and CEO of River EV, Aravind Mani told media that the company aims to meet the delivery schedule of August and be present in 3 to 5 cities by year-end. “If you look at River Indie it was unveiled production-ready. This funding will help us bring the product to market. In fact, as we speak the production lines are getting ready. We will test the battery and vehicle assembly lines in the coming few weeks.”
President of Al Futtaim Automotive, Paul Willis remarked, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally.”
Since the FAME 2 subsidy was revised last month (decreasing the fiscal incentive provided on e-scooters), price revisions are being witnessed across the two-wheeler segment in India. The CEO of River EV stated, “We have not yet decided or come to an exact number on the price revision.”
As per Mani, River Indie e-scooter has passed all the requirements needed for the FAME 2 certification. Hence, the startup expects to have received the certification by the time the deliveries begin in August this year.
According to reports, River EV could also raise another round next year. Mani told the media that the company doesn’t plan to launch another product till 2024, as it looks at focussing on the two-wheeler segment and the modular platform of its Indie e-scooter.
Bengaluru-based River is an electric vehicle (EV) startup which emphasises design and technology. Founded in March 2021 by Aravind Mani and Vipin George, River claims to have invested over $12 million in product development with an R&D facility in Whitefield and a manufacturing facility in Hoskote.
