Indian EV startup River raises $11 million in Series A

Oluwajuwonlo Afolabi -

The India-based electric vehicle-making startup, River, has raised $11 million in its Series A funding round to support its offerings.

  • The capital will be invested in expanding its team, improving its research and development, setting up a manufacturing facility, and getting its first product ready.
  • River is an EV-making startup having a multi-utility scooter fully made in India as its first product.
  • The startup raised its seed round of $2 million from Maniv Mobility based in Israel and Trucks VC based in San Francisco in March 2021.
  • Lowercarbon Capital led the latest raise, with Toyota Ventures in participation.