Mitsui & Co., Ltd. and Marubeni Ventures Inc. join River as investors in the Series B round
BENGALURU, India, June 27, 2024 /PRNewswire/ — Electric vehicle manufacturer River, announces new investors. Global trading companies Mitsui & Co., Ltd. and Marubeni Ventures Inc., a corporate venture capital of Marubeni Corporation, invest in River’s Series B round. The participation of these companies further solidifies River’s position as a rising industry leader.
Mitsui & Co., Ltd. and Marubeni Corporation, renowned Japanese trading companies have recognized River’s unique approach and potential to revolutionize the electric scooter market. This collaboration underscores their commitment to supporting and expanding their footprint in the electric vehicle industry.
River’s journey began with the development of its maiden product, the Indie in 2021. Soon after, the company set up a 1.2 lac sq. ft. manufacturing facility with a production capacity of 1 lac units per year. Earlier this year, River marked a significant milestone in its expansion plans starting with its first store in Bengaluru followed by expansion across India. By year end, the brand plans to have a presence in 50+ cities in the country.
Aravind Mani, Co-founder and Chief Executive Officer of River, stated, “It’s a pleasure to welcome Mitsui and Marubeni to our cap table of global investors. This partnership further solidifies River’s position in the Indian two-wheeler market and paves a path for our global expansion.”
Daishi Mochizuki, General Manager of Personal Mobility Business Dept, Mobility & Industrial Business Div, Mobility Business Unit I of Mitsui & Co., Ltd. additionally stated, “We are highly impressed with River’s potential in the Indian two-wheeler market. Their agility and efficiency of the development process from concept to commercialization of the product is commendable. Indie in India is just the beginning, we believe River will become a global brand and are pleased to be a part of their journey.”
Rocky Eda, Managing Director of Marubeni Ventures Inc. said, “We are excited to invest in India’s fast-growing startup ecosystem through River. River’s unique capabilities stand out and make them an ideal partner for us. Through this investment, we are committed to the Indian EV scooter market and look forward to observing the consumer behaviour of the younger generation that will support the explosive growth of the Indian economy.”
Since its inception, River has raised $68 Million from esteemed global investors. Apart from Mitsui & Co., Ltd, River is the first Indian investment of all its investors – Japan’s Yamaha Motor Co., Ltd. and Marubeni Ventures Inc., Dubai based conglomerate Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv based Maniv Mobility and San Francisco based Trucks VC.
About River:
River is an electric vehicle (EV) startup based in Bengaluru. With an emphasis on design and technology, River builds products that make a positive impact on the everyday lives of people. Founded in March 2021 by Aravind Mani and Vipin George, River is backed by marquee investors such as Japan-based Yamaha Motor Corporation, Mitsui & Co.,Ltd., Marubeni Ventures Inc., Dubai based Al Futtaim group, Chris Sacca’s Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.
Website: https://www.rideriver.com/
LinkedIn: https://www.linkedin.com/company/rideriver/
Instagram: https://www.instagram.com/rideriver.in/
YouTube: https://www.youtube.com/@rideriver
Twitter: https://twitter.com/worldofriver?lang=en
Media Contact:
Srishti Singh, River
[email protected]
+91-96111 57696
About Mitsui & Co., Ltd.
Mitsui & Co. is a global trading and investment company with a presence in more than 60 countries and a diverse business portfolio covering a wide range of industries. The company identifies, develops, and grows its businesses in partnership with a global network of trusted partners including world leading companies, combining its geographic and cross-industry strengths to create long-term sustainable value for its stakeholders.
Mitsui has set three key strategic initiatives for its current Medium-term Management Plan: supporting industries to grow and evolve with stable supplies of resources and materials, and providing infrastructure; promoting a global transition to low-carbon and renewable energy; and empowering people to lead healthy lives through the delivery of quality healthcare and access to good nutrition.
For more information, please visit: https://www.mitsui.com/jp/en/
About Marubeni Ventures Inc.
Marubeni Ventures was established in 2019 as the corporate venture capital (CVC) of Marubeni Corporation. It aims to create new value for society by investing globally in startup companies with innovative technologies and services that may lead to new businesses for the Marubeni Group in the future.
For more information, please visit: https://www.marubeni-ventures.com/en/ and https://www.marubeni.com/en/
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