River, an electric vehicle (EV) startup based in Bengaluru, has secured new investments in its Series B funding round from Mitsui & Co., Ltd. and Marubeni Ventures Inc., the corporate venture capital arm of Marubeni Corporation. These strategic investments highlight River’s growing prominence in the Indian EV market and its potential for global expansion.
Founded in 2021 by Aravind Mani and Vipin George, River has rapidly established itself with the launch of its debut product, the Indie, and the establishment of a state-of-the-art manufacturing facility with an annual capacity of 100,000 units. Earlier this year, River embarked on a significant expansion initiative starting with its flagship store in Bengaluru, with plans to extend its presence to over 50 cities across India by the end of the year.
Aravind Mani, Co-founder and CEO of River, expressed enthusiasm about the new investments, stating, “It’s a pleasure to welcome Mitsui and Marubeni to our esteemed group of global investors. This partnership reinforces River’s leadership in the Indian two-wheeler market and sets the stage for our international growth.”
Daishi Mochizuki, General Manager of the Personal Mobility Business Dept., Mobility & Industrial Business Div., Mobility Business Unit I at Mitsui & Co., Ltd., highlighted River’s impressive capabilities in the Indian market, emphasizing their efficient product development and commercialization processes. “River’s potential to innovate within the Indian two-wheeler sector is exceptional,” he remarked. “We believe River has the potential to become a global brand, and we are delighted to support their journey.”
Rocky Eda, Managing Director of Marubeni Ventures Inc., echoed similar sentiments, emphasizing their commitment to India’s burgeoning EV scooter market and their confidence in River’s strategic vision. “Investing in River aligns with our strategy to support high-growth startups in India,” said Eda. “We are excited about River’s unique market position and look forward to witnessing the consumer response as they contribute to India’s economic growth.”
Since its inception, River has raised $68 million from a distinguished group of investors, including Japan’s Yamaha Motor Co., Ltd., Dubai-based Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Maniv Mobility from Tel Aviv, and Trucks VC based in San Francisco. This Series B funding marks Mitsui & Co., Ltd. and Marubeni Ventures Inc.’s first investment in an Indian company, underscoring River’s appeal as a strategic partner in the EV sector.
About River
River is a Bengaluru-based EV startup renowned for its focus on design and technology-driven solutions. Founded by Aravind Mani and Vipin George, River aims to enhance everyday mobility with sustainable and innovative electric vehicles. With strong backing from global investors, including industry giants and venture capital firms, River is poised to reshape the future of urban transportation in India and beyond.