EV firm River gets $11 mn in funding to set up manufacturing plant

Uber and Twitter investor Chris Sacca's fund backs Bengaluru-based company preparing its first electric scooter

River, a start-up for electric two-wheelers, has raised $11 million in a funding round led by Chris Sacca's Lowercarbon Capital in participation with Toyota Ventures, bringing the total funding to $13 million (Rs 100 crore).

The company said it would use the Series A funding to set up a manufacturing facility, get its first product ready, expand its team, and invest in R&D. The Bengaluru-based company raised its seed round of $2 million in March 2021 from mobility-focused venture capital funds: Israel-based Maniv Mobility and San Francisco’s Trucks VC. It is the only Indian investment of the two funds.

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