<p>Mumbai: Electric scooter startup River on Tuesday announced it has raised $40 million (Rs 335 crore) in Series B funding led by Japan's Yamaha Motor Co, Ltd. The funds will be utilised for scaling up the distribution and service network, among others.</p>.<p>"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.”, said Aravind Mani, Co-founder and CEO of River.</p>.<p>The company entered the domestic EV market with its first e-scooter, Indie, in October last year, and in January it opened its first River store in Bengaluru.</p>.<p>The Series B funding round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility, River said.</p>.<p>With the latest capital infusion, the total funding secured by the company since its inception in March 2021 stands at $68 million (Rs 565 crores), according to River.</p>.<p>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.</p>.<p>“The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River.”, said Vipin George, Co-founder and Chief Product Officer, River.</p>.<p>The company said its maiden e-scooter, Indie, has been fully designed and developed at its R&D facility in Bengaluru and manufactured at its Hoskote manufacturing facility on the outskirts of Bengaluru.</p>
<p>Mumbai: Electric scooter startup River on Tuesday announced it has raised $40 million (Rs 335 crore) in Series B funding led by Japan's Yamaha Motor Co, Ltd. The funds will be utilised for scaling up the distribution and service network, among others.</p>.<p>"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.”, said Aravind Mani, Co-founder and CEO of River.</p>.<p>The company entered the domestic EV market with its first e-scooter, Indie, in October last year, and in January it opened its first River store in Bengaluru.</p>.<p>The Series B funding round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility, River said.</p>.<p>With the latest capital infusion, the total funding secured by the company since its inception in March 2021 stands at $68 million (Rs 565 crores), according to River.</p>.<p>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.</p>.<p>“The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River.”, said Vipin George, Co-founder and Chief Product Officer, River.</p>.<p>The company said its maiden e-scooter, Indie, has been fully designed and developed at its R&D facility in Bengaluru and manufactured at its Hoskote manufacturing facility on the outskirts of Bengaluru.</p>