EV startup River raises $11M in Sequence A funding spherical from Lowercarbon Capital, Toyota Ventures
Summary
Bengaluru-based electrical two-wheeler firm River on Tuesday mentioned it raised $11 million in a Sequence A funding spherical led by Chris Saccas Lowercarbon Capital, in participation with Toyota Ventures.The EV startup will use the capital to broaden its staff, spend money on R&D, arrange a producing facility, and get its first product prepared on the market. We will likely be all set for mass manufacturing with this funding, Aravind Mani, Co-founder and CEO, River, instructed YourStory.Based in 2020 by Aravind and Vipin George, Rivers first product is a multi-utility electrical scooter, solely designed and in-built India, which it plans to launch by the tip of 2022 or early 2023.Earlier in March 2021, the startup had raised a seed spherical of $2 million from Israel-based Maniv Mobility and San Francisco-based Vehicles VCmobility-focused world enterprise capital funds. In keeping with the founders, the ability will open within the final quarter of this yr.The startup has an R&D staff of over 100 engineers, and a number of other of its prototypes are examined on roads for greater than six months. It has accomplished an general take a look at drive of fifty,000 kms and would attain 1.5 lakh km earlier than its launched.In an announcement, Aravind mentioned, Were grateful to have such nice funds again us in our mission to make our cities cleaner and empower folks by means of mobility. We expect River will seize this huge alternative by providing high-quality, inexpensive, and trendy all-electric two-wheeled autos for each shopper and industrial use.