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Bengaluru-Based EV Startup River Raises тАШUSD 40 MillionтАЩ, Nearly тАШRs 335 CroreтАЩ in Series B Round Led by Yamaha Motor

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New Delhi, February 6: Bengaluru-based EV startup River on Tuesday said it has raised $40 million (about Rs 335 crore) in a Series B round led by Yamaha Motor Co. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility. Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility also participated in the round, the EV startup said in a statement.

The funds will help scale RiverтАЩs distribution and service network across the country and it will also use those to invest further in R&D for its future lineup of electric scooters. тАЬThe investment is a significant boost for our plan to build a billion-dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow,тАЭ said Aravind Mani, Co-founder and CEO, River.┬аMaruti Suzuki Swift Dzire 2024 Spotted Testing in India for First Time; Check Expected Price, Specifications and Features.

River started selling its first product called тАШIndieтАЩ in October 2023. Indie was fully designed and developed at its R&D facility in Bengaluru and manufactured at the outskirts of the city. тАЬWe are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology,тАЭ said Hajime тАЬJimтАЭ Aota, Chief General Manager of New Business Development Centre, Yamaha Motor.┬аTata Motors Announces More Than Two-Fold Increase in Its Consolidated Net Profit at тАШRs 7,025тАЩ Crore for October-December Quarter of Current Financial Year.

This round takes the cumulative fund raised by the company to $68 Million (Rs 565 crore) since its inception in March 2021. тАЬWe also see strong potential for Indie in many international markets. We are excited about the next phase of growth for River both inside and outside India,тАЭ said Paul Willis, CEO of Al-Futtaim Automotive.

(The above story first appeared on LatestLY on Feb 06, 2024 01:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).

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