EV startup River raises $15 mn from Dubai firm

Mumbai: Bengaluru-headquartered EV startup River on Tuesday said it has raised $15-million capital in a funding round led by Dubai-based Al Futtaim Group. Besides, other investors including Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC also participated in the investment round, River said in a release. The fresh capital infusion will help the company boost its manufacturing capabilities and also in the upcoming market launch of its maiden product -- Indie. “River raised a $15 million investment round led by Dubai's multinational powerhouse, Al Futtaim Group,” River said in the statement. The diversified group has five operating divisions -- automotive, retail, real estate, healthcare, and financial services -- spread across over 20 countries, as per the statement.