River Mobility has secured $40 million in a Series B funding, to fast-track its distribution and launch its services in 100 new Indian cities. It will also invest in research and development of new products.
River further plans to launch its services over the next two years, in the metro cities. Hyderabad, Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, and Thiruvananthapuram, are the immediate go to cities, co-founder Aravind Mani stated. Besides, the company-owned store, River already operates in Bengaluru, and it is actively discussing with dealers to expand its physical footprint, Mani said.
River Mobility Indie Success
The startup plans to augment its R&D efforts towards developing new scooter formats, and its plans to roll ot its next in 2026, Mani added. River Mobility‘s first product is Indie, an e-scooter that retails at Rs 1.38 lakh, lesser than Ather Energy’s top variant, the Ather 450 Apex, which starts at Rs 1.88 lakh.
River’s 120,000-square-foot manufacturing site is located in Hoskote, Bengaluru. “We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this,” said Hajime “Jim” Aota, chief general manager of New Business Development Centre, Yamaha Motor, in a press release.
River Mobility has so far raised $68 million in funding since it was founded in March 2021 by Aravind and Vipin George, who is also its chief product officer. Tel Aviv’s Maniv Mobility and San Francisco-based Trucks VC have also invested in the company. Its strongest competitors include Ather Energy, Ola Electric, Hero Electric, and other EV scooter manufacturers.
The latest funding round was led by Yamaha Motor Co and existing investors such as UAE-based Al-Futtaim Automotive, Lowercarbon Capital, and Toyota Ventures.