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EV Startup ‘River’ raises $15 million Funding; Deal led by Al Futtaim Group

Existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also
participated in the round. The newly secured capital is set to boost River’s manufacturing
prowess and power its upcoming market launch, aiming for deliveries to kick-off in August
2023.

Electric vehicle manufacturer River raised a $15 million
investment round led by Dubai's multinational powerhouse, Al Futtaim Group. The
conglomerate, with five operating divisions (automotive, retail, real estate, healthcare, and
financial services) is spread across more than 20 countries, with a workforce surpassing
33,000 in the Middle East, Asia, and Africa.

The fresh funding will bolster River's growth, priming its manufacturing and distribution
networks for an August 2023 delivery kick-off. "At River, we've been quietly working in the
background for the last two years. In just 20 months, we launched our first product, the Indie,
which has by now successfully covered 100,000+ kilometres in testing. Now we’ve set the
base to build a billion-dollar business and we thank all our investors for supporting us in our
journey," commented Aravind Mani, Co-Founder and CEO at River.

Vipin George, Co-Founder and Chief Product Officer at River, added, “Indie is unlike anything
in the market today. We designed Indie keeping in mind the Indian lifestyle, our roads, and
usage patterns. Indie is loaded with unique features like 14” inch wheels, crash guards, and
front foot-pegs, features that offer great utility and riding experience.”

Echoing the enthusiasm, Paul Willis, President of Al Futtaim Automotive said, “We evaluated
over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless
commitment to in-house product development. I am confident that their products will see
great success, in India and internationally.”

This capital injection reaffirms the enduring belief of River's current investors, including
Toyota Ventures, Lowercarbon Capital, Maniv Mobility, and Trucks VC, in its goal to redefine
mobility for India's youth. Clay Dumas, General Partner at Lowercarbon capital and an

existing investor, said, “The River Indie is faster, tougher, and just plain cooler than any two-
wheeler on the market, and we can't wait to see it electrify Indian roads starting this August."

Jim Adler, founder and general partner of Toyota Ventures, an existing investor, also
expressed confidence in the company, noting that, “River is our first investment in India, and
we’re excited to see the unique value proposition and capabilities of Indie. We’re amazed at
River’s progress and look forward to seeing them continue to execute on their vision of
delivering quality, durable, affordable, and stylish all-electric two-wheeled vehicles.”
The new funding marks River's third round, following a $2 million seed round in March 2021
and a $11 million Series A round in July 2022. Notably, River is the sole Indian investment for
Al Futtaim group, Toyota Ventures, Trucks VC, and Maniv Mobility.