The electric two-wheeler firm has startup a project named River, for which the firm has to raise fund $ 11 million in a funding round led by Chris Sacca’s Lowercarbon Capital in participation with Toyota Ventures. Total funding to $13 million (Rs 100 crore). Per the company statement, the Series A funding has to set up with facility for manufacturing to get its product ready to expand its team.
In March 2021, the Bengaluru-based company raised its seed round of $2 million from mobility-focused venture capital funds: Israel-based Maniv Mobility and San Francisco’s Trucks VC. It is the only Indian investment of the two funds.
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“Three of four vehicles sold in India are two-wheelers, but what’s available today have loud, dirty, gas-burning engines from last century. River’s electric two-wheelers are the new go-to for Indian riders because they’re faster and tougher than anything else on the market,” said Sacca, managing partner at Lowercarbon Capital, which is known for investments in early-stage technology companies like Twitter, Uber, and Instagram.
Jim Adler, founding managing director of Toyota Ventures, said two-wheeled vehicles are the foundation of mobility in India and a huge worldwide market principally. “We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use,” said Adler.
“Our first electric two-wheeler is designed with a broad spectrum of usage. We are reimagining how people ride and carry their world on two wheels,” said Vipin George, co-founder of River.
