Yamaha Motor has announced its recent investment in River, an Indian startup manufacturing electric scooters. River has emerged as a significant player in India’s electric scooter market, establishing itself with quality and stylish offerings through its subsidiary, River Mobility Private Limited in Bengaluru.
India, a significant market for electric two-wheelers, is experiencing rapid growth due to government support for electrification and local manufacturing.
Yamaha’s investment in River reflects its interest in exploring opportunities in India’s EV market, aligning with its environmental goals outlined in the Yamaha Motor Group Environmental Plan 2050.
Headquartered in Bengaluru, River has secured a USD 40 million (Rs. 335 crore approx.) Series B funding, with Yamaha Motor as the lead investor. This round also saw participation from existing investors like Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
River’s first product, Indie, gained traction since its launch in October 2023, manufactured locally and sold through its Bengaluru store. This investment brings River’s total funding to $68 million since its inception in March 2021.
With this funding, River aims to expand its distribution and service network across India and invest in R&D for future product development. Notably, River marks the first Indian investment for all its investors, including international entities like San Francisco based Trucks VC and more.
Commenting on the investment, Hajime Jim Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd, said:
We’re impressed by River’s rapid progress, particularly their emphasis on design and technology. Aravind and Vipin’s dedication to River’s vision is inspiring, and Yamaha is eager to collaborate and support their journey ahead.
Speaking about the partnership, Aravind Mani, Co-founder and CEO of River, said:
This investment marks a significant step forward in our ambition to establish a billion-dollar global utility-lifestyle brand by 2030. With a solid foundation laid in R&D and manufacturing during the past two years, we are now poised for substantial growth.
Speaking about the collaboration, Vipin George, Co-founder and Chief Product Officer at River, said:
Our partnership with Yamaha presents an opportunity to harness River’s strong design and technology capabilities. Having personally experienced the exceptional performance of Yamaha motorcycles, I’m thrilled by their investment in River. This collaboration holds immense potential, and I’m eager to see what we can accomplish together.