EV Startup ‘River’ Raises $15 Million Led By Dubai’s Al Futtaim Group
Electric vehicle manufacturer River raised $15 million in a funding round led by Dubai’s multinational powerhouse, Al Futtaim Group. The conglomerate, with five operating divisions (automotive, retail, real estate, healthcare, and financial services), is spread across over 20 countries, with a workforce surpassing 33,000 in the Middle East, Asia, and Africa.
Founded in March 2021 by Aravind Mani and Vipin George, River is an EV startup based in Bengaluru. With an emphasis on design and technology, River builds products that positively impact people’s everyday lives.
Co-Founder and CEO at River commented, “At River, we’ve been quietly working in the background for the last two years. In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometers in testing. Now we’ve set the base to build a billion-dollar business, and we thank all our investors for supporting us in our journey.”
The all-equity funding round is backed by existing investors such as Dubai-based Al Futtaim group, Chris Sacca’s Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC. The new funding marks River’s third round, following a $2 million seed round in March 2021 and a $11 million Series A round in July 2022.
Vipin George, Co-Founder and Chief Product Officer at River, added, “Indie is unlike anything in the market today. We designed Indie keeping in mind the Indian lifestyle, our roads, and usage patterns. Indie is loaded with unique features like 14” inch wheels, crash guards, and front foot-pegs, features that offer great utility and riding experience.”
Echoing the enthusiasm, Paul Willis, President of Al Futtaim Automotive, said, “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 their products will succeed greatly in India and internationally.”
News Source: River Press Release