Al-Futtaim Automotive leads $15 million funding round in Indian EV startup – River
UAE’s Al-Futtaim Automotive led the investment round of $15-million in the Indian electric two-wheeler startup, River. The funding series will bolster River’s manufacturing and distribution networks for an August 2023 delivery kick-off in India, and will enable the company to rapidly scale internationally.
Paul Willis, President of Al-Futtaim Automotive, shared, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally.”
Within a short span of two years since inception, River launched its first product ‘Indie’ an urban electric scooter, having generated a fanbase within the automotive communities and global tech enthusiasts, which quickly translated into a wave of pre-bookings. The company lays a strong emphasis on innovative design and technology – made in India to build products that make an impact on the everyday lives of people.
Green mobility is a major focus for Al-Futtaim Automotive, having recently launched the region’s first dedicated electric mobility focused company, Al-Futtaim Electric Mobility Company. The company is on a mission to democratize and develop the electric ecosystem in the country, with a strong portfolio of EV brands covering the full spectrum of mobility mix, charging solutions and innovative financial products.
Through the investment in River, Al-Futtaim Automotive is moving the electric transition from conversation to concrete action, and is committed to mark a strong contribution to the UAE’s Net-Zero Strategy.
Aravind Mani, Co-Founder and CEO of River “At River, we’ve been quietly working in the background for the last two years. In just 20 months, we launched our first product, the Indie, which has by now successfully covered 100,000+ kilometres in testing. Now we’ve set the base to build a billion-dollar business and we thank all our investors for supporting us in our journey.”
Al-Futtaim Automotive believes that with the Indian EV sector skyrocketing, River is all set to become the mainstream electric solution, bringing style and utility to the everyday commute.
