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River, an electric two-wheeler manufacturer, has raised $15 million-investment led by Dubai-based multinational company, Al Futtaim Group.
A portion of the funds will be allocated to streamline the manufacturing operations, while the remainder will be dedicated to establishing distribution channels, executing marketing strategies, and undertaking various activities as the company approaches its commercial launch, which is scheduled for August 2023, Aravind Mani, Co-Founder and CEO at River, told businessline.
“In just 20 months, we launched our first product, the Indie, which has successfully covered more than 100,000 km in testing. Now we’ve laid the foundation to build a billion-dollar business, and we thank all our investors for supporting us in our journey,” he added.
Also read: Ambani-backed EV maker said to be considering raising Rs 700 crore
Existing investors
With the latest fundraise, the company has entered its third funding round, bringing the cumulative amount raised to $28 million. Previously, it secured $2 million in a seed round conducted in March 2021, followed by $11-million Series A round in July 2022. The EV maker’s existing investors include Toyota Ventures, Lowercarbon Capital, Maniv Mobility and Trucks VC.
“Indie is unlike anything in the market today. We designed Indie keeping in mind the Indian lifestyle, our roads, and our 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,” said Vipin George, Co-Founder and Chief Product Officer, River.
According to Paul Willis, President of Al Futtaim Automotive, it has evaluated over 50 electric two-wheeler start-ups and is impressed by the Indian EV maker’s vision and relentless commitment to in-house product development. “I am confident that their products will see great success, in India and internationally,” he added.
The Dubai-based company operates five divisions (automotive, retail, real estate, healthcare, and financial services) and is spread across more than 20 countries.
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