River Secures $40M Investment Led by Yamaha Motor

In a significant boost to India's electric vehicle (EV) market, River, an innovative startup specializing in electric two-wheelers, has secured a substantial $40 million investment round led by Japan's Yamaha Motor. This injection of funds signals a new chapter for River as it aims to intensify research and development (R&D) efforts and expand the market footprint of its pioneering electric 'SUV' two-wheeler in India.

Founded less than three years ago, River has swiftly emerged as a frontrunner in the Indian EV landscape, focusing on developing and manufacturing electric two-wheelers tailored to the needs of Indian consumers. With the latest funding round, River has amassed a total of $68 million across four rounds, reflecting investor confidence in its vision and potential.

The heart of River's strategy lies in addressing the burgeoning demand for electric two-wheelers in India, a market ripe for disruption amid a growing emphasis on eco-friendly transportation solutions. Notably, nearly 50% of the total EVs sold in India are two-wheelers, highlighting the immense opportunity that River seeks to capitalize on.

At the forefront of River's product lineup is the 'Indie,' a utility-lifestyle focused scooter touted as the "SUV of scooters." Boasting a larger wheelbase and ample storage space, the Indie stands out in a crowded market, offering consumers a compelling alternative to traditional gas-powered scooters.

Driven by months of meticulous R&D efforts in Bengaluru, River has already made significant strides, delivering close to 200 units since the launch of sales in October. Buoyed by this early success, River aims to scale up production significantly, with plans to ramp up sales to 300 scooters per month by March and 3,000 units per month by the end of 2024.

Looking ahead, River has ambitious expansion plans, aiming to establish a presence in 100 cities and achieve a monthly turnover of $200 million by March 2026. To realize this vision, the startup is focused on building a robust distribution network and strengthening its R&D capabilities.

River's partnership with Yamaha Motor marks a pivotal moment in its journey, underscoring its commitment to innovation and growth. With Yamaha's support, River is poised to accelerate its expansion efforts and solidify its position as a leader in the Indian EV market. As the company continues to push boundaries and redefine urban mobility, the future looks electrifying for River and its customers alike.