B2B-News | Source: official press release Yamaha Motor Co., Ltd. (Tokyo: 7272) | World of River Limited, Inc.
Yamaha announced today that it has recently invested in World of River Limited, Inc. (hereinafter River), a startup that manufactures and sells electric scooters in India. This investment is for River’s Series B round of funding through third-party allotment. According to the press release from River: “Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility also participated in the round. The newly secured capital will help scale River’s distribution and service network across the country. River will also employ the funds to invest further in R&D for its future lineup of products.”
River develops, manufactures, and sells electric scooters. In India, the world’s largest market for electric two-wheelers, River has established River Mobility Private Limited in Bengaluru as a group company, which offers electric scooters that excel in both quality and design.
“We are impressed by the progress that River has achieved in such a short span of time, especially with the strong focus on design and technology. We are excited about the conviction that Aravind and Vipin have for River and how Yamaha can support the company to achieve this”, says Hajime “Jim” Aota, Chief General Manager of New Business Development Centre, Yamaha Motor Co., Ltd.
The Indian government is supporting moves to electrification as part of its energy diversification initiatives to combat environmental issues as well as to promote domestic manufacturing, and the market for electric two-wheelers is growing rapidly. Through this investment in River, Yamaha Motor is seeking new business partnerships together with the company in India’s EV market.
In the Yamaha Motor Group Environmental Plan 2050, the Company has set a goal of reducing Scope 3 CO2 emissions (emissions produced from the Company’s value chain, e.g., use of sold products) by 90% by 2050 compared to 2010. This investment is one of the Company’s initiatives toward achieving this goal.
“It’s been a pleasure to watch River grow since our first investment in 2023. Indie made a strong debut in the Indian market and stands out from anything that is out there. We also see strong potential for Indie in many international markets. We are excited about the next phase of growth for River both inside and outside India”, said Paul Willis, CEO of Al-Futtaim Automotive.
River is an electric vehicle startup backed by marquee international investors in the mobility space. River is building high-quality mobility solutions designed to better the livelihoods of people around the world. The first product is an electric two-wheeler designed and built in India for the world.
Aravind Mani, Chief Executive Officer, Co-Founder: “Our goal is to empower, enable and celebrate the lives of young people who are ready to hustle to reach their full potential. We wanted to build a vehicle that inspires a generation that is not afraid to reimagine everything about their world.”
“The investment is a significant boost for our plan to build a Billion dollar global utility-lifestyle brand by 2030. We have built a great base in R&D and manufacturing over the last two years and now, it’s time to grow.”, said Aravind Mani.
Vipin George, Chief Product Officer, Co-Founder: “Design is not just an emotional process. It has to be logical as well. The aim of a designer is to solve a problem for the user. Find out what’s not working for the user now. When you find an elegant and visually appealing solution to the problem, you have your design.”
“The collaboration with Yamaha will help us leverage the design and technology capability that we have built at River.”, said Vipin George. “I learned to ride on a Yamaha motorcycle and have been amazed by the highest levels of performance that they stand for. And now, Yamaha investing in River is quite a surreal feeling. I’m excited about what the partnership can achieve”.