The Technology team advised River in the closing of its $40 million Series B led by Yamaha Motor Co., Ltd. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility. Yamaha Motor Group’s Environmental Plan 2050 has set a goal of reducing Scope 3 CO2 emissions by 90% by 2050 compared to 2010. This investment is one of the Yamaha’s initiatives toward achieving this goal.
In India, the world’s largest market for electric two-wheelers, River has established River Mobility Private Limited in Bengaluru as a group company, which offers electric scooters that excel in both quality and design. The Indian government is supporting electrification as part of its energy diversification initiatives to combat environmental issues as well as to promote domestic manufacturing, and the market for electric two-wheelers which is growing rapidly.
Founded in March 2021, River is an electric vehicle (EV) startup based in Bengaluru. With an emphasis on design and technology, River builds products that make a positive impact on the everyday lives of people. River started selling its first product Indie, the SUV of scooters in October-2023. Indie was fully designed and developed at the River R&D facility in Bengaluru and manufactured in the River Factory at Hoskote in the outskirts of Bengaluru. The first River store opened in Bangalore in January 2024.
The Goodwin team was David Brekke, Skyler Gray, and Susie Chen (Technology); Ginggi Storer, Chris Chuang and Kerry Sherman (IPTS); Amy Josselyn (Global Trade); Abhishek Krishnan, Ananth Lakshman and Tanya Choudhary (India Law); with support from Natalia Yaroshevskiy; with invaluable assistance from Amanda Sear (Corporate).
For additional details on the financing round, please read the press release and coverage in The Pack.