EV Manufacturer River Secures $15 Million In Funding From Al Futtaim Group

Additionally investing in the round were existing investors Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC. With deliveries expected to begin in August 2023, River's newly acquired funding is expected to strengthen its manufacturing capabilities and power its impending market launch.

Bangalore, June 6, 2023 Al Futtaim Group, a multi-national behemoth based in Dubai, led a $15 million financing round in electric vehicle producer River. The company, which has five operating divisions (automotive, retail, real estate, healthcare, and financial services), is present in over 20 nations and employs over 33,000 people 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.

The co-founder of River and chief product officer, Vipin George, continued, "Indie is unlike anything on the market right now. We created Indie with the Indian way of life, our roadways, and usage habits in mind. The Indie has a tonne of distinctive features, such as 14" wheels, crash protectors, and front footpegs, which provide excellent functionality and a wonderful riding experience.

Al Futtaim Automotive President Paul Willis echoed the enthusiasm, saying, "We examined approximately 50 electric two-wheeler start-ups, and are delighted by the team's vision and tireless commitment to in-house product development. I have faith that their products will succeed greatly both domestically and abroad.