Japanese support solidifies River’s position in two-wheeler market
Two-wheeler EV manufacturer River from Bengaluru says global trading companies Mitsui & Co Ltd http://mitsui.com and Marubeni Ventures Inc https://www.marubeni-ventures.com/en/ from Japan will invest in its Series B round.
The participation of these companies further solidifies the rising electric vehicle (EV) startup in the fast-expanding EV industry https://www.rideriver.com/ .
Mitsui and Marubeni have recognized River’s unique approach and potential to revolutionize the electric scooter market. This collaboration underscores their commitment to supporting and expanding their footprint in the electric vehicle industry https://www.bseindia.com/ .
River’s journey began with the development of its maiden product, the Indie in 2021. Soon after, the company set up a 1.2 lakh sq. ft. manufacturing facility with a production capacity of 1 lakh units per year https://www.nseindia.com/ .
Earlier this year, River marked a significant milestone in its expansion plans starting with its first store in Bengaluru followed by expansion across India. By year end, the brand plans to have a presence in 50+ cities in the country https://www.ibef.org/ .
Aravind Mani, Co-founder and Chief Executive Officer of River, said on 27 June, “It’s a pleasure to welcome Mitsui and Marubeni to our cap table of global investors. This partnership further solidifies River’s position in the Indian two-wheeler market and paves a path for our global expansion https://sbi.com.in/ .”
Daishi Mochizuki, General Manager of Personal Mobility Business Dept, Mobility & Industrial Business Div, Mobility Business Unit I of Mitsui & Co, elaborated, “We are highly impressed with River’s potential in the Indian two-wheeler market. Their agility and efficiency of the development process from concept to commercialization of the product is commendable http://boj.or.jp .
“Indie in India is just the beginning, (and) we believe River will become a global brand and are pleased to be a part of their journey https://www.jpx.co.jp/english/ .”
Rocky Eda, Managing Director of Marubeni Ventures, said, “We are excited to invest in India’s fast-growing startup ecosystem through River. River’s unique capabilities stand out and make them an ideal partner for us .
“Through this investment, we are committed to the Indian EV scooter market and look forward to observing the consumer behaviour of the younger generation that will support the explosive growth of the Indian economy https://evindia.online/ .”
Since its inception, River has raised $68 Million from esteemed global investors. Apart from Mitsui, River is the first Indian investment of all its investors – Japan’s Yamaha Motor Co Ltd http://global.yamaha-motor.com and Marubeni Ventures Inc, Dubai-based conglomerate Al-Futtaim Automotive http://alfuttaim.com , Lowercarbon Capital https://lowercarboncapital.com/ , Toyota Ventures https://toyota.ventures/ , Tel Aviv-based Maniv Mobility http://maniv.com and San Francisco-based Trucks VC https://www.trucks.vc/ .
Founded in 2021, River is an electric vehicle (EV) startup with an emphasis on design and technology, River builds products that make a positive impact on the everyday lives of people. Fiinews.com
