New Delhi, Feb 6 (IANS): 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 River’s 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.

“The 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,” said Aravind Mani, Co-founder and CEO, River.

River started selling its first product called ‘Indie’ in October 2023. Indie was fully designed and developed at its R&D facility in Bengaluru and manufactured at the outskirts of the city.

“We 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,” said Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor.

This round takes the cumulative fund raised by the company to $68 Million (Rs 565 crore) since its inception in March 2021.

“We 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,” said Paul Willis, CEO of Al-Futtaim Automotive.