Flowa Bengaluru, India-based electric vehicle manufacturer, received Series B funding from Mitsui & Co., Ltd. and Marubeni Ventures.
The amount of the transaction was not disclosed.
The company intends to use the funds to consolidate its position and expand its presence in the electric vehicle industry.
Founded in March 2021 by Aravind Mani and Vipin George, River is an electric vehicle (EV) startup with a focus on design and technology. River’s journey began with the development of its first product, the Indie in 2021. Soon after, the company set up a 120,000 square foot manufacturing facility with a production capacity of 100,000 units per year. Earlier this year, River reached a major milestone in its expansion plans, starting with its first store in Bengaluru, followed by expansion across India. By the end of the year, the brand plans to be present in over 50 cities in the country.
Since its inception, River has raised $68 million from global investors. Apart from Mitsui & Co., Ltd, River is the first Indian investment from all its investors – Yamaha Motor Co., Ltd. and Marubeni Ventures Inc. of Japan, Dubai-based conglomerate Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, Tel Aviv-based Maniv Mobility and San Francisco-based Trucks VC.
FinSMEs
08.07.2024
