Bengaluru-based Electric Vehicle startup River has raised $11,000,000 in its Series A round led by Lowercarbon Capital in participation with Toyota Ventures, bringing the total funding to $13 million.
The lead investor in this round, LowerCarbon Capital, has previously invested in technology companies such as Uber, Instagram and Twitter. While Rivers claimed this was the first investment in India for both the funds, LowerCarbon Capital invested in Mumbai-based SolarSquare in June this year.
The capital is used to expand its team, invest further in R&D, set up a manufacturing facility, and get its first product ready for sale.
Founded Dec 2020 by Aravind Mani and Vipin George, River’s first product is an electric two-wheeler designed and built in India for the world.
River had raised its seed round of $2 million in March 2021 from two mobility-focused venture capital funds-Israel-based Maniv Mobility and San Francisco-based Trucks VC. River has raised a total of $13.2M in funding over 2 rounds. Their latest funding was raised on Aug 2, 2022, from a Series A round.
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