Al-Futtaim Automotive leads $15m funding round in Indian EV startup, River
Within a short span of two years since inception, River launched its first product ‘Indie’ an urban electric scooter to rave reviews last February
Al-Futtaim Automotive has led the investment round valued at $15m in the Indian electric two-wheeler startup, River.
The funding series will bolster River’s manufacturing and distribution networks for an August 2023 delivery kick-off in India, and will enable the company to rapidly scale internationally.
Paul Willis, president of Al-Futtaim Automotive, shared, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally.”
River wins rave reviews for Indie
Within a short span of two years since its inception, River launched its first product ‘Indie’ an urban electric scooter to rave reviews last February, having generated a fanbase within the automotive communities and global tech enthusiasts, which quickly translated into a wave of pre-bookings.
Founded in March 2021 by Aravind Mani and Vipin George, River wants to offer a standout design and innovative technology through its electric scooters. Its first product, the Indie, is the result of 20 months of research and development.
Green mobility is a major focus for Al-Futtaim Automotive, having recently launched the region’s first dedicated electric mobility focused company (Al-Futtaim Electric Mobility Company).
Through the investment in River, Al-Futtaim Automotive is moving the electric transition from conversation to concrete action, and is committed to mark a strong contribution to the UAE’s net-zero strategy.
Mani, the co-founder and CEO of the startup, said: “At River, we’ve been quietly working in the background for the last two years. In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing. We’ve now set the base to build a billion-dollar business and we thank all our investors for supporting us in our journey.”
Al-Futtaim Automotive believes that with the Indian EV sector skyrocketing, River is all set to become the mainstream electric solution, bringing style and utility to the everyday commute.
