Electric vehicle company River has secured $15 million in a recent funding round led by Al Futtaim Group, a conglomerate based in Dubai. Existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in the funding round.
The funds raised will primarily be used for working capital needs, including the establishment of distribution centres, local sourcing and manufacturing of EV parts, and research and development.
River aims to utilize the funding to support its growth and prepare its manufacturing and distribution networks for the planned August 2023 delivery.
River’s CEO, Aravind Mani, mentioned that the subsidy reductions have prompted a price increase, which will encourage more domestic manufacturing within India.
The company plans to gradually increase its capacity and aims to distribute its scooters in Bengaluru and four additional cities starting in August. This funding round marks River’s third round of investment and is seen as a significant step towards building a billion-dollar business.
