More
    HomeEV News$11 mn raised by EV start-up River in Series A funding round

    $11 mn raised by EV start-up River in Series A funding round

    Bengaluru-based electric mobility startup River has raised $11 Mn from investors, led by Lowcarbon Capital, a US-based VC fund by Chris Sacca, an early-stage investor in Twitter, Uber, and Instagram. Toyota Ventures also participated in the funding round.

    Founded in 2020 by Aravind Mani and Vipin George, River is competing with the likes of Ola Electric, Okinawa, Aether Energy, and others in India’s fast-growing two-wheeler EV space. River co-founder Mani was cited saying that the startup is in talks to raise another $100 Mn and will raise the funds before it starts selling its two-wheelers.

    The startup is building the scooter specifically for carrying loads. According to Mani, a large chunk of the Indian market buys two-wheelers to carry the load. River claims that it is building an electric scooter to replace the ‘pick-up truck culture of the West, implying that the electric scooter will come with significant load-carrying capacity.

    “Our first electric two-wheeler will be an important milestone for our journey as a company. We wanted to focus on a niche, and we decided to focus on the multi-utility aspect of a two-wheeler,” Vipin, Co-founder of River.

    The startup will therefore also target another fast-growing segment within India: last-mile delivery.

    (L-R) Aravind Mani and Vipin George

    However, noting that a person would not use the e-scooter solely for the purpose of delivery, Mani said, “They will not buy a product thinking that they will only use it for delivery, so we are kind of trying to see how we can create a product which can be used for multiple things.”

    “Three of four vehicles sold in India are two-wheelers, but what is available today have loud, dirty, gas-burning engines from last century. River’s electric two-wheelers are the new go-to for Indian riders because they’re faster, tougher, and just plain cooler than anything else on the market” said, Chris Sacca, Managing Partner of Lowercarbon Capital.

    The electric mobility startup did not reveal any information about the vehicle, however, it has been working to set up a manufacturing facility. River’s first production facility will be set up near Bengaluru, producing 10,000 vehicles a month. The startup also plans to run a distributor model with dedicated service points.

    India saw a marginal increase in EV registrations in July, with Hero Electric topping the charts. While EVs are being touted as the future of mobility, consumer anxieties related to range, efficiency, and the recent fire incidents have seen demand shrink for some of the EV players.

    To sort out one of the most important issues with EVs, that is, the battery, the government introduced the PLI scheme for manufacturing advanced cell chemistry (ACC) in the country.

    The PLI scheme, worth INR 18,100 Cr, has seen participation from Ola Electric, Rajesh Exports, and Reliance New Energy Ltd. Together, the three companies will create 95 Gigawatt-hours (GWh) of energy storage capacity.

    Related Post

    Most Popular

    Best Picks

    STM32WBA, 1st wireless Cortex-M33 for more powerful and more secure Bluetooth applications #STM32InnovationLive

    Author: STMicroelectronics Update, December 21, 2023 The STM32WBA52xx are now available in a QFN32 package measuring only 5 mm x 5 mm as opposed to the...

    2024 Insights: Dr. Abhilasha Gaur on Skilling’s Impact in...

    In an exclusive interview, Dr Abhilasha Gaur, COO of the Electronics Sector Skills Council of India (ESSCI), sheds light on how skilling processes will...

    Simulation Tool Prevents Severe Issues in Various Automotive Scenarios

    Authors: Giusy Gambino, Alessio Brighina, Francesco Giuffre’, Filippo Scrimizzi, STMicroelectronics, Catania, Italy When conceiving and implementing cutting-edge solutions that can thrive in harsh automotive environments a...

    SensorTile.box PRO, a new story about a professional board...

    Author: STMicroelectronics  The SensorTile.box PRO redefines what it means to use professional tools destined for the Internet of Things by making the technology accessible to more than...

    STM32CubeMonitor 1.7, STM32CubeMonitor-UCPD 1.3, and STM32CubeMonitor-RF 2.12, more powerful...

    Author: STMicroelectronics STM32CubeMonitor 1.7 became more flexible thanks to new UI improvements in an effort to adapt to the many use cases it must handle. For...

    Driving the Future: Exploring Innovations in the Automotive Power...

    The global automotive power electronics market is set to achieve a valuation of US$ 6 billion by 2033, advancing at 4.1% CAGR from 2023 to 2033, as...

    Empowering Karnataka’s Electronics Industry: An Insightful Conversation with CLIK...

    Karnataka, a shining star in India's technological landscape, has earned international acclaim for its thriving electronics and IT sectors. Fuelled by a legacy of...

    Aimil Ltd.: Setting the Benchmark for Instrumentation Solutions at...

    Aimil Ltd., an ISO 9001:2015 certified company with a heritage tracing back to 1932, holds a prominent position as a leading provider of cutting-edge...

    Electrify Your Future: A Thriving Career in the E-Mobility...

    In an era where sustainability and innovation reign supreme, the E-Mobility sector has emerged as the driving force behind a transformative shift in the...

    Must Read