Electric scooter startup River raises $11 million in funding

3 Aug 2022 , 12:20 PM

Bengaluru-based Electric scooter startup ‘River’ raised $11 million from investors in the funding round led by US entrepreneur Chris Sacca’s Lowercarbon Capital. Toyota’s early-stage Venture Capital firm, Toyota Ventures, also participated in the funding round.

“Out of the four vehicles sold in India, three are two-wheelers, but what we own today are loud, dirty, and gas-burning engines from the last century,” commented Sacca, an investor in Twitter, Uber, and Instagram.

“River’s electric two-wheelers are the new go-to for Indian riders as they are lighter, faster, tougher, and cooler compared to other products in the market,” he added further.

With the funds raised in this round, the startup plans to expand its team and infuse money into R&D. Further, it plans to set up a manufacturing facility and bring its product to the market by the first quarter of next year, stated its cofounder, Aravind Mani.

The company wants to raise another $100 million, so it expects to start the funding round before bringing its products to the market.

River was founded in 2020 by Aravind Mani and Vipin George to fill a gap in the market.

River is working on to develop an electric scooter replicating the ‘pick-up truck culture’ of the West, indicating a significant cargo space in the vehicle.

The EV startup has an in-house design team that visioned the product and created it from scratch. However, the company has not disclosed vehicle details, including its price and specifications.

River plans to outsource most of its manufacturing to top component makers in the country. The company will keep a check on components’ quality and build with regular visits to the suppliers’ facilities.

Cofounder Mani states that by the time company gears up for the next funding round, they will work to solve several issues including testing, homologation, and a dedicated production facility.