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Home World Regional News Asia

Indian EV startup River gets $11M

Femi Thomas by Femi Thomas
08/10/2022
in Asia
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River India

River India

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River, an Indian-based electric scooter startup, said it has raised $11 million from investors led by US entrepreneur Chris Sacca’s Lowercarbon Capital.

The round also saw participation from Toyota’s early-stage venture capital arm, Toyota Ventures.

With this funding, River plans to expand its team, invest in R&D, set up a manufacturing facility and get its first product ready for sale by early next year.

River has been building an electric scooter that replicates the “pick-up truck culture” of the West, which means that the vehicle will have significant cargo space

River has been operating in stealth for some time now and has an in-house design team that created a vehicle from scratch. “No one enters a delivery segment with the thinking that I will do this for life,” he said. “They will not buy a product thinking that they will only use it for delivery, so we are kind of trying to see how we can create a product which can be used for multiple things.”

For now, the company is keeping the vehicle, its price, and its specs under wraps.

 

Read more on Tech Gist Africa:

India’s Jodo raises $15 million

Indian Solar financing platform Aerem raises $2.5 Million

Indian Logistics marketplace Vahak raises $14 million

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