NEW DELHI: Bengaluru-based EV startup River on Tuesday said it has raised $40 million (about Rs 335 crore) in a Series B round led by Yamaha Motor Co. The round also saw participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures and Maniv Mobility.

Existing investors Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility also participated in the round, the EV startup said in a statement.

The funds will help scale River’s distribution and service network across the country and it will also use those to invest further in R&D for its future lineup of electric scooters.

“The investment is a significant boost for our plan to build a billion-dollar global utility-lifestyle brand by 2030,” said Aravind Mani, co-founder and CEO, River.