River, a Bengaluru-based electric scooter startup, has raised $40 million in a Series B funding round led by Yamaha Motor Corp and other investors. The company plans to use the funds to expand its distribution and service network across the country, as well as for research and development of its future products.
River’s Indie e-scooter
River’s first product is Indie, an e-scooter that retails at Rs 1.25 lakh, ex-showroom Bengaluru, which includes the Fame 2 subsidy and a home charger. The Indie has a quirky design and some unique features, such as extendable foot pegs for the rider, built-in crash bars at the sides of the front apron, removable pannier mounts on the side panels, and motorcycle style clip-on handlebars. The scooter also has a large twin-LED headlamp cluster, 14-inch wheels with chunky 120-section tyres, and a spacious seat.
The Indie is powered by a 3.5 kWh lithium-ion battery pack that can be charged in four hours using a standard 5A socket. The company claims a range of 120 km on a single charge and a top speed of 85 kmph. The scooter also has three riding modes – Eco, Sport and Boost – that can be selected via the segmented colour LCD display. The display also shows information such as speed, battery level, odometer, trip meter, and clock. The scooter also has a mobile app that provides Bluetooth connectivity and ride telemetry features.
“We wanted to create an e-scooter that is not only fun to ride but also practical and reliable. The Indie is designed to suit the needs and preferences of the urban commuters who want a hassle-free and eco-friendly mode of transport,” said Aravind Mani, co-founder and CEO of River.
River’s expansion plans
River currently has about 250 employees in its Bengaluru-based premises, of which most are in the RnD department. The company has recently rolled out its first e-scooter from its newly launched manufacturing hub located in Hoskote, Karnataka. The company aims to begin deliveries in August 2023.
River plans to enter 100 cities over the next two years, and metro cities such as Hyderabad, Chennai, Bengaluru, Mumbai, Pune, Ahmedabad, and Thiruvananthapuram, among others, are at the top of its list. The company is also actively discussing with dealers to expand its physical footprint. Its R&D efforts are towards developing new scooter formats, and its next product will launch in 2026.
“Our vision is to make electric mobility accessible and affordable for everyone in India. We are confident that with our strong product portfolio and service network, we can cater to the diverse needs of our customers across the country,” said Vipin George, co-founder and CPO of River.
Yamaha’s investment
Yamaha Motor Corp is one of the leading investors in River’s Series B funding round. The Japanese two-wheeler giant has been exploring the electric mobility space in India and has partnered with other startups such as Ola Electric and Hero Electric. Yamaha’s chairman Jim Aota Hajime said that they are excited about the conviction that River’s founders have for their company and how Yamaha can support them to achieve their vision.
“River is one of the most promising EV scooter startups in India. We are impressed by their innovative design, features and performance of their Indie e-scooter. We believe that they have the potential to become a leading player in the electric mobility segment in India. We are happy to partner with them and support their growth journey,” said Jim Aota Hajime.
Conclusion
River is one of the latest entrants in the crowded electric scooter market in India. The company hopes to differentiate itself with its distinctive design, features, performance and pricing of its Indie e-scooter. With the backing of Yamaha Motor Corp and other investors, River aims to scale up its operations and reach more customers across the country.
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