Indian electric vehicle (EV) manufacturer River has secured a $15 million investment round, with Dubai-based multinational powerhouse Al Futtaim Group as the lead investor. The funding will fuel River's growth and support the development of its manufacturing and distribution networks in preparation for the launch of its first product, the Indie, in August 2023. River, founded in Bengaluru in 2021, aims to build a billion-dollar business with its unique features tailored to the Indian market, including 14-inch wheels, crash guards, and front foot-pegs. Backed by renowned investors such as Al Futtaim Group, Toyota Ventures, and Lowercarbon Capital, River is poised to redefine mobility for India's youth.
Summary: Indian EV manufacturer River has raised $15 million in funding, with Al Futtaim Group leading the investment round. River, founded in Bengaluru in 2021, is set to launch its first product, the Indie, in August 2023. The funding will support the company's growth and the expansion of its manufacturing and distribution networks. River's unique features designed for the Indian market have garnered the support of investors such as Toyota Ventures, Lowercarbon Capital, and Trucks VC, positioning the company for success in India's rapidly evolving EV market.