Bengaluru-based electric two-wheeler startup River on Tuesday said it raised Rs 100 crore (USD 13 million) in Series A funding round led by Chris Sacca’s Lowercarbon Capital in participation with Toyota Ventures.
The platform in March last year had raised USD 2 million in its seed funding round from mobility-focused venture capital funds — Israel-based Maniv Mobility and San Francisco-based Trucks VC. River, in a statement, said it plans to utilise the fresh capital to expand its team, invest further in research and development, set up a manufacturing facility, and get its first product ready for sale.
The company, founded by Aravind Mani and Vipin George in late 2020, said its first product is a multi-utility electric scooter fully designed and built in the country while several of its prototypes are being tested on roads currently. “It (Series A round of funding) is the validation of the capability of our team and the progress we have made in product development,” said Mani. Lowercarbon Capital has previously invested in technology companies such as Twitter, Uber, and Instagram, according to the statement.