River, a Bengaluru, India-based electrical automobile producer, obtained a Sequence B funding from Mitsui & co., Ltd. and Marubeni Ventures.
The quantity o the deal was not disclosed.
The corporate intends to make use of the funds to consolidate its place and increase its footprint within the electrical automobile business.
Based in March 2021 by Aravind Mani and Vipin George, River is an electrical automobile (EV) startup with a a concentrate on design and know-how. River’s journey started with the event of its maiden product, the Indie in 2021. Quickly after, the corporate arrange a 1.2 lac sq. ft. manufacturing facility with a manufacturing capability of 1 lac models per 12 months. Earlier this 12 months, River marked a big milestone in its enlargement plans beginning with its first retailer in Bengaluru adopted by enlargement throughout India. By 12 months finish, the model plans to have a presence in 50+ cities within the nation.
Since its inception, River has raised $68M from international buyers. Aside from Mitsui & Co., Ltd, River is the primary Indian funding of all its buyers – Japan’s Yamaha Motor Co., Ltd. and Marubeni Ventures Inc., Dubai based mostly conglomerate Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv based mostly Maniv Mobility and San Francisco based mostly Vehicles VC.
FinSMEs
08/07/2024
