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River, a Bangalore-based company that manufactures electric two-wheelers, has announced a $11 million Series A fundraising round led by Chris Sacca’s Lowercarbon Capital, with participation from Toyota Ventures, Manev Mobility, and Trucks VC, bringing the total capital to $13 million (100 Crore INR). With this cash, the company intends to grow its staff, make additional investments in R&D, establish a production facility, and prepare its first product for sale.

In March 2021, the company raised $2 million from two globally known mobility-focused venture capital funds: Maniv Mobility of Israel and Trucks VC of San Francisco. It was the first and only investment made by both funds in India to date.

“Three of four vehicles sold in India are two-wheelers, but what’s available today have loud, dirty, gasburning engines from last century. River’s electric two-wheelers are the new go-to for Indian riders because they’re faster, tougher, and just plain cooler than anything else on the market” said  Chris Sacca, Managing Partner of Lowercarbon Capital, who is well-known for his prior investments in early-stage technology companies such as Twitter, Uber, and Instagram, stated as much.

“Two-wheeled vehicles are the foundation of mobility in India and a huge worldwide market principally because they’re so easy to navigate in congested urban environments,” says Jim Adler, founding managing director of Toyota Ventures. “We think River will capture this massive opportunity by offering high-quality, affordable, and stylish all-electric two-wheeled vehicles for both consumer and commercial use. We look forward to supporting the team in their mission to create mobility products that better the lives and livelihoods of people around the world.”

“We are grateful to have such great funds back us in our mission to make our cities cleaner and empower people through mobility”, said Aravind Mani, Co-founder and CEO of River. “It is the validation of the capability of our team and the progress we have made in product development. We cannot wait to reveal what we have been building at River”.

“Our first electric two-wheeler is designed with a broad usage spectrum in mind. We are reimagining how people ride and carry their world on two wheels”,  Vipin, a veteran in the sector and a car designer for Honda before joining River.

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