In a funding round headed by Chris Sacca’s Lower carbon Capital with participation from Toyota Ventures, River, a start-up for electric two-wheelers, has secured $11 million, bringing the total capital to $13 million (Rs 100 crore).
The business stated that it will utilise the Series A funds to establish a production facility, prepare its first product, grow its staff, and make R&D investments. The Bengaluru-based business received its $2 million seed round in March 2021 from two venture capital firms that specialise in the mobility sector: Israel’s Maniv Mobility and San Francisco’s Trucks VC. Of the two funds, it is the sole investment made in India.
“Three of four vehicles sold in India are two-wheelers, but what’s available today have loud, dirty, gasburning engines from last century. River‘s electric two-wheelers are the new go-to for Indian riders because they’re faster and tougher, than anything else on the market,” said Sacca, managing partner at Lowercarbon Capital, which is known for investments in early-stage technology companies like Twitter, Uber, and Instagram.
