River, a start-up for electric two-wheelers, has raised $11 million in a funding round led by Chris Sacca's Lowercarbon Capital in participation with Toyota Ventures, bringing the total funding to $13 million (Rs 100 crore).
The company said it would use the Series A funding to set up a manufacturing facility, get its first product ready, expand its team, and invest in R&D. The Bengaluru-based company raised its seed round of $2 million in March 2021 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.
"Three of four vehicles sold in India are two-wheelers, but what's available today have loud, dirty, gasburning 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 usage spectrum in mind. We are reimagining how people ride and carry their world on two wheels," said Vipin George, co-founder of River.
First Published: Wed, August 03 2022. 13:45 IST