22nd June 2024- River, a Bengaluru-based electric vehicle startup, is set to invest Rs 400 crore in expanding its operations in the Bengaluru rural district’s Hoskote area. The investment will focus on bolstering manufacturing capabilities, enhancing research and development facilities, and establishing new stores and service centers across Karnataka.
With substantial backing from international investors such as Yamaha Motor Co, Toyota Ventures, Lowercarbon Capital, Al-Futtaim Automotive, and Maniv Mobility, River has successfully raised $68 million (approximately Rs 564 crore) to date. This includes a recent Series B funding round where the company secured $40 million (Rs 332 crore).
River operates with a robust R&D center in Bengaluru and a manufacturing facility in Hoskote, underscoring its deep roots in Karnataka and its ambitious goals to innovate in the global electric mobility sector.
In a parallel development, the International Battery Company (IBC) has proposed an investment of Rs 390 crore in Devanahalli, Bengaluru Rural, aimed at manufacturing primary cells and batteries. These initiatives are part of 64 projects worth over Rs 3587 crore approved by the single-window committee chaired by Industries Minister MB Patil. The projects are expected to create 13,896 job opportunities, as highlighted by the industries department.
The announcements reflect a significant boost to Karnataka’s industrial landscape, with these investments poised to contribute to economic growth and employment generation in the region.
Source: Link
