TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
TimesEV
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

    Veridify, Overcoming the challenges of OT security in building automation with an STM32

    Despite popular belief, it is possible to secure legacy embedded systems properly, even if they lack today’s iron-clad cryptographic capabilities, the latest protections, or...

    Tsuyo’s Vision for Future Manufacturing: Incorporating Emerging Technologies and...

    Tsuyo Manufacturing is deeply committed to offering highly reliable, robust, and durable products designed to withstand a wide range of exposure and service conditions...

    Revamp Moto’s Vision for Advanced EV Features and Industry...

    Revamp Moto is a dynamic and forward-thinking electric vehicle (EV) startup, firmly committed to providing sustainable and adaptive E-mobility solutions. Their primary focus centres...

    ST and ZF sign multi-year supply agreement for Silicon...

    Silicon Carbide technology is widely used in semiconductor material which are easy to fabricate and provides good general electrical and mechanical properties. However, it...

    Exploring Electrochemical Properties: Unraveling Battery Performance and Behavior

    Automotive Test Systems stands as a trailblazing company with an extensive and diverse background in Product Validation, Structural Testing, Data Acquisition and Analysis, Vehicle...

    WISE Testing Solutions: Comprehensive Products and Services for Vehicle...

    WISE Testing Solutions Pvt. Ltd., a privately held company registered as a limited company, aims to provide a comprehensive range of products and services...

    Anton Paar: Revolutionizing EV Battery Testing with Standardization Initiatives

    Anton Paar, a distinguished company specializing in the development, production, and distribution of precision laboratory instruments and process measuring systems, alongside delivering customized automation...

    Exploring the Challenges and Testing Methods for Electric Vehicle...

    Aimil Ltd. is an esteemed organization celebrated for its exceptional expertise spanning multiple domains such as electric vehicle battery testing (both electrical and mechanical),...

    “The core idea behind u-blox has always been to...

    u-blox develops some of the world’s leading IoT communication and GNSS modules, chips and services supporting the industrial, automotive and consumer markets. Recently Andreas...

    Must Read