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EV Startup, River, raises $40 Million in an oversubscribed Series B round; deal led by Yamaha Motor Co., Ltd.
"We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this,"
This round takes the cumulative fund raised by the company to $68 Million (565 INR Crores) since its inception in March 2021 . With this funding, the company plans to scale the distribution and service network across the country and invest further in R&D for future lineup of products.
River is the first Indian investment of all its investors - Tel Aviv based Maniv Mobility, San Francisco based Trucks VC, Lowercarbon Capital, Toyota Ventures and Dubai based conglomerate Al-Futtaim Automotive.
"The investment is a significant boost for our plan to build a Billion dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it's time to grow,"
"The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River," "I learned to ride on a Yamaha motorcycle and have been amazed by the highest levels of performance that they stand for. And now, Yamaha investing in River is quite a surreal feeling. I'm excited about what the partnership can achieve."
: https://www.rideriver.com/
: @rideriver : @rideriver
Srishti Singh | srishti@rideriver.com | +919611157696
Logo : https://mma.prnewswire.com/media/2337239/River_Logo.jpg
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