EV startup River has raised $11 million in its Series A round led by Chris Sacca’s Lowercarbon Capital in participation with Toyota Ventures, bringing the total funding to $13 million.
With this funding, the Bengaluru-based startup plans to expand its team, invest further in R&D, set up a manufacturing facility, and get its first product ready for sale.
Founded by Aravind Mani and Vipin George, River’s first product is a multi-utility electric scooter fully designed and built in India.
River had raised its seed round of $2 million in March 2021 from two mobility focused venture capital funds-Israel-based Maniv Mobility and San Francisco-based Trucks VC.
The lead investor in this round, Lowercarbon Capital has previously invested in technology companies such as Twitter, Uber, and Instagram. While River claimed that it was the first investment in India for both the funds, Lowercarbon Capital had invested in Mumbai-based SolarSquare in June this year.