Dubai, UAE — Al-Futtaim Automotive, the automotive arm of Dubai-based Majid Al-Futtaim Group, led an investment round of $15 million in River, an Indian electric two-wheeler startup.
The investment is part of Al-Futtaim Automotive’s strategy to invest in innovative and sustainable mobility solutions, Al-Futtaim said.
River is a Bengaluru-based company that was founded in 2020. The company has developed a range of electric two-wheelers, including scooters and motorcycles.
The investment from Al-Futtaim Automotive will be used to help River scale up its manufacturing and distribution operations. The company plans to start deliveries of its electric two-wheelers in India in August 2023. Al-Futtaim Automotive is also planning to export River’s products to other markets in the region and globally, it added.
Paul Willis, President of Al-Futtaim Automotive, said, “We believe that River has the potential to become a major player in the global electric two-wheeler market. We are committed to supporting River’s growth and helping the company achieve its ambitious goals.”
River Co-founder and CEO Siddhartha Vohra said, “We believe that Al-Futtaim Automotive’s investment and support will help us accelerate our growth and make River a global leader in electric two-wheelers.”