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					</table><p>Electric-scooter startup <a href="https://www.rideriver.com/" target="_blank" rel="noopener">River</a> has raised $40 million (₹3.35 billion) in an oversubscribed Series B funding led by <a href="https://global.yamaha-motor.com/" target="_blank" rel="noopener">Yamaha Motor</a>. The Bengaluru-based electric vehicle (EV) company plans to scale its distribution and service network across India and develop a future line-up of products using the funding.</p>
<p>The round also saw participation from existing investors <a href="https://www.alfuttaim.com/automotive/" target="_blank" rel="noopener">Al-Futtaim Automotive</a>, <a href="https://lowercarboncapital.com/" target="_blank" rel="noopener">Lowercarbon Capital</a>, <a href="https://toyota.ventures/" target="_blank" rel="noopener">Toyota Ventures</a>, and <a href="https://www.maniv.com/" target="_blank" rel="noopener">Maniv Mobility</a>, taking the total funding raised to $68 million (₹5.65 billion) since River’s inception in March 2021.</p>
<p>The company started selling its first scooter, Indie, in October 2023 and opened its first store in Bengaluru in January 2024. The scooter is powered by a 4 kWh battery and has a range of 120 kilometers.</p>
<p>River plans to scale to over 100 cities in the next two years.</p>
<p>“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,” Jim Aota, Chief General Manager of New Business Development Centre, Yamaha Motor, said.</p>
<p>Aravind Mani, Co-founder and CEO of River said, “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&amp;D and manufacturing over the last two years, and now, it&#8217;s time to grow.”</p>
<p>Recent revisions by the government <a href="https://www.mercomindia.com/budget-2024-free-electricity-rooftop-solar-vgf-offshore-wind" target="_blank" rel="noopener">reduced</a> the Budget 2024 estimate outlay for the Program for Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicle in India – (FAME – India) from ₹51.72 billion (~$623.28 million) to ₹26.71 billion (~$321.88 million). The program provides subsidies for electric vehicle manufacturing in the country.</p>
<p>According to the <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid</a>, corporate funding for smart grid companies was down 30% year-over-year, with $3.3 billion in 60 deals compared to $4.7 billion in 58 deals in 2022.</p>


Electric Scooter Startup River Raises $30 Million in Series B Funding

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