Al-Futtaim Automotive leads $15mln funding round in revolutionary EV startup – River

  • Date: 09-Jun-2023
  • Source: Zawya
  • Sector:Transport
  • Country:UAE
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Al-Futtaim Automotive leads $15mln funding round in revolutionary EV startup – River

Dubai, UAE: One of the Middle East’s leading automotive business, Al-Futtaim Automotive led the investment round of $15-million in the Indian electric two-wheeler startup, River.

The funding series, a testament of Al-Futtaim Automotive’s commitment to supporting sustainable mobility, will bolster River’s manufacturing and distribution networks for an August 2023 delivery kick-off in India, and will enable the company to rapidly scale internationally.

Paul Willis, President of Al-Futtaim Automotive, shared, “We evaluated over 50 electric two-wheeler start-ups, and are impressed by the team’s vision and relentless commitment to in-house product development. I am confident that their products will see great success, in India and internationally.”

Within a short span of two years since inception, River launched its first product ‘Indie’ an urban electric scooter to rave reviews last February, having generated a fanbase within the automotive communities and global tech enthusiasts, which quickly translated into a wave of pre-bookings. The company lays a strong emphasis on innovative design and technology – made in India to build products that make an impact on the everyday lives of people.

Green mobility is a major focus for Al-Futtaim Automotive, having recently launched the region’s first dedicated electric mobility focused company (Al-Futtaim Electric Mobility Company). The company is on