The UAE-based Al-Futtaim Automotive announced it has led a US$15 million funding round in Indian two-wheeled electric vehicle (EV) manufacturing start-up, River.
River was launched two years ago and introduced its first urban electric scooter, the Indie, in February.
According to media reports, the funding will boost the Bengaluru-based business’s manufacturing and distribution networks ahead of delivery in August, and allow the company to scale internationally, Al-Futtaim Automotive said.
About 50 electric two-wheel start-ups had been evaluated before River was selected, Paul Willis, President of Al-Futtaim Automotive, said.
“I am confident that their products will see great success, in India and internationally,” Willis added.
Al-Futtaim Automotive said: “The company is on a mission to democratise and develop the electric ecosystem in the country, with a strong portfolio of EV brands covering the full spectrum of mobility mix, charging solutions and innovative financial products.”
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