Latest news with #AravindMani
Business Standard
25-04-2025
- Automotive
- Business Standard
River EV Hits Two Major Milestones: INR 100 Cr Revenue & 1,000 Sales/Month
PRNewswire Bengaluru (Karnataka) [India], April 25: River, a Bengaluru-based EV manufacturer, has surpassed INR 100 crore in revenue within 4 years of its inception. The company's maiden electric two-wheeler, Indie, was launched two years ago. Also known as the SUV of Scooters, the Indie has quickly gained market traction. As of March 2025, River has achieved 1,000-unit sales in a single month. Commenting on this achievement, Aravind Mani, Chief Executive Officer and Co-founder of River, said, "In just 4 years since inception, we've crossed INR 100 Crores in revenue and 1,000 scooters in monthly sales. We are proud of the strong base that we have built across R & D capability, manufacturing and distribution. It gives us great confidence as we scale our distribution and plan our next products." River currently operates 20 outlets across Bengaluru, Hyderabad, Chennai, Hubli, Visakhapatnam, Kochi, Coimbatore, Vellore, Tirupati, Mysore, and many others. The company is set to expand into Trivandrum, Vijayawada, and Pune in the coming weeks. As demand surges, River is accelerating its national expansion across India to be present in over 100 cities by 2026 through company-owned stores and dealerships. About River: River is an electric scooter company based in Bengaluru. With an emphasis on design and technology, River builds products that make a positive impact on the everyday lives of people. Founded in March 2021 by Aravind Mani and Vipin George, River is backed by marquee investors such as Japan-based Yamaha Motor Corporation, Mitsui & Co. Ltd, Marubeni Corporation, Dubai based Al Futtaim group, Chris Sacca's Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC. Website: LinkedIn: @rideriver Instagram: @ YouTube: @rideriver X: @worldofriver Photo: Logo: (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
Malaysian Reserve
25-04-2025
- Automotive
- Malaysian Reserve
River EV Hits Two Major Milestones: INR 100 Cr Revenue & 1,000 Sales/Month
BENGALURU, India, April 25, 2025 /PRNewswire/ — River, a Bengaluru-based EV manufacturer, has surpassed INR 100 crore in revenue within 4 years of its inception. The company's maiden electric two-wheeler, Indie, was launched two years ago. Also known as the SUV of Scooters, the Indie has quickly gained market traction. As of March 2025, River has achieved 1,000-unit sales in a single month. Commenting on this achievement, Aravind Mani, Chief Executive Officer and Co-founder of River, said, 'In just 4 years since inception, we've crossed INR 100 Crores in revenue and 1,000 scooters in monthly sales. We are proud of the strong base that we have built across R&D capability, manufacturing and distribution. It gives us great confidence as we scale our distribution and plan our next products.' River currently operates 20 outlets across Bengaluru, Hyderabad, Chennai, Hubli, Visakhapatnam, Kochi, Coimbatore, Vellore, Tirupati, Mysore, and many others. The company is set to expand into Trivandrum, Vijayawada, and Pune in the coming weeks. As demand surges, River is accelerating its national expansion across India to be present in over 100 cities by 2026 through company-owned stores and dealerships. About River:River is an electric scooter company based in Bengaluru. With an emphasis on design and technology, River builds products that make a positive impact on the everyday lives of people. Founded in March 2021 by Aravind Mani and Vipin George, River is backed by marquee investors such as Japan-based Yamaha Motor Corporation, Mitsui & Co. Ltd, Marubeni Corporation, Dubai based Al Futtaim group, Chris Sacca's Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC. Website: @rideriverInstagram: @ @rideriverX: @worldofriver Photo:
Business Upturn
25-04-2025
- Automotive
- Business Upturn
River EV Hits Two Major Milestones: INR 100 Cr Revenue & 1,000 Sales/Month
By PR Newswire Published on April 25, 2025, 16:38 IST BENGALURU, India , April 25, 2025 /PRNewswire/ — River, a Bengaluru-based EV manufacturer, has surpassed INR 100 crore in revenue within 4 years of its inception. The company's maiden electric two-wheeler, Indie, was launched two years ago. Also known as the SUV of Scooters, the Indie has quickly gained market traction. As of March 2025 , River has achieved 1,000-unit sales in a single month. Commenting on this achievement, Aravind Mani , Chief Executive Officer and Co-founder of River, said, 'In just 4 years since inception, we've crossed INR 100 Crores in revenue and 1,000 scooters in monthly sales. We are proud of the strong base that we have built across R&D capability, manufacturing and distribution. It gives us great confidence as we scale our distribution and plan our next products.' River currently operates 20 outlets across Bengaluru, Hyderabad , Chennai , Hubli, Visakhapatnam, Kochi, Coimbatore, Vellore, Tirupati, Mysore, and many others. The company is set to expand into Trivandrum, Vijayawada, and Pune in the coming weeks. As demand surges, River is accelerating its national expansion across India to be present in over 100 cities by 2026 through company-owned stores and dealerships. About River: River is an electric scooter company based in Bengaluru. With an emphasis on design and technology, River builds products that make a positive impact on the everyday lives of people. Founded in March 2021 by Aravind Mani and Vipin George , River is backed by marquee investors such as Japan -based Yamaha Motor Corporation, Mitsui & Co. Ltd, Marubeni Corporation, Dubai based Al Futtaim group, Chris Sacca's Lowercarbon Capital, Toyota Ventures, Maniv Mobility , and Trucks VC. Website: @rideriver Instagram: @ YouTube: @rideriver X: @worldofriver Photo: Logo: View original content to download multimedia: Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same. PR Newswire is a distributor of press releases headquartered in New York City.
Mint
25-04-2025
- Automotive
- Mint
River Mobility races to expand—but losses mount in a tough EV market
Electric scooter company River Mobility has seen its losses more than double in FY25, reaching ₹ 176 crore—up from ₹ 82 crore in FY24—even as revenue grew 20-fold. The company's aggressive expansion into retail outlets, with 25 stores now operational, has been a key driver of this surge. In FY24, River's revenue stood at ₹ 5 crore, according to regulatory filings accessed by business intelligence platform Tofler. In FY25, it jumped to ₹ 104 crore. Despite the mounting losses, CEO and co-founder Aravind Mani remains confident about the company's growth prospects. "We only had four months of sales in FY24. At the time, we didn't have any distribution, and we were selling out of an office in Whitefield, Bengaluru," Mani told Mint . 'Over the last year, we've opened 25 outlets. Revenue increased because we're now selling through more outlets." Read this | English fever: How startups are unlocking smalltown India's big-city aspirations The company saw a dramatic 16-fold increase in scooter sales, from 390 units in FY24 to 6,157 units in FY25, underscoring the impact of this retail expansion. Launched in October 2023, River Mobility's Indie electric scooter is now the company's flagship product. River Mobility is targeting 100 stores by the end of FY26 and aims to expand rapidly across India. Currently, its footprint is largely confined to southern India, with a new store in Pune scheduled for April. "Opening there (in Pune) makes sense from a fundamental perspective because it's a large two-wheeler market," said Mani, stressing that growth decisions are driven by practicality, not just optics. 'We're increasing our spend in marketing as we scale across the country." Read this | Can two-wheelers stay on the pedal in 2025? The company spent the previous financial year focusing on adding manpower to its R&D segment while also increasing staffing at its manufacturing plant in Hoskote on the outskirts of Bengaluru. River Mobility expects to be gross margin profitable between September and October this year. 'Once we hit a scale of selling 15,000 to 20,000 units a month, we will be ebitda positive," Mani said. Achieving that will require a sharp ramp-up in production. Though the Hoskote facility can produce up to 8,000 units a month, it's currently operating at under 20% capacity—producing just 1,000–1,500 units. River plans to scale gradually through the year, aiming to hit 75% capacity (about 6,000 units a month) by the Diwali season—one of India's biggest festivals, when sales typically spike. Founded in 2021 by former Ultraviolette Automotive employees Aravind Mani and Vipin George, River Mobility has raised $68 million, approximately ₹ 565 crore, from investors such as Yamaha Motor Co., Israel's Maniv Mobility, Al Futtaim Group, Toyota Ventures, and Lowercarbon Capital. But despite the strong global backing, Indian investors have yet to come on board. A fresh fundraise is planned, though timelines remain fluid. 'We're just waiting on a few macroeconomic conditions to stabilise. The tariff war is quite bad. We don't know if we're looking at a recession this year," Mani said. 'We have enough strategics on the cap table. What we need is a very strong financial growth investor to come in." Making a meaningful dent in the market won't be easy, given how legacy players like Hero MotoCorp, TVS, and Bajaj Auto are expanding their EV offerings. 'Challenges for new entrants, at the end of the day remains reach to the customer and the product. The fundamental pillars," said Amit Kaushik, country head at Urban Science, an automotive consulting company. 'Of course, if you have the right product, right pricing and reach, there's room to play." Given the head start on supply chain, distribution and overall presence that most of the bigger companies have in the space, the survival odds for many of the startups in the space aren't great. Read this | The curious case of Ola's scooter 'sales' without invoices 'A few years down the line, we may see maybe 10-20% of these startups survive. The rest will be consolidated into the bigger players," said Nikhil Dhaka, vice president at Primus Partners, a global management consulting firm. 'They can create innovation and build niche products, but incumbents have their dealer networks. That's a big thing." Then there's the task of convincing consumers. According to Deloitte's 2025 Global Automotive Consumer Study, just 8% of Indian consumers prefer all-battery electric vehicles (EVs). Internal combustion engines still dominate at 54%, with hybrids and plug-in hybrids at 21% and 12%, respectively. Safety remains a key concern. The Deloitte report found that concerns around battery technology are among the top three issues when it comes to battery-powered EVs in India. 'Safety is still a critical issue, and we've seen so many examples of vehicles catching fire," said Dhaka of Primus Partners. Urban Science's Kaushik agrees. 'The quality of products from early entrants into the EV space wasn't reliable. It's why customers still continue to have a soft corner for traditional players on whom they've been relying on for years." The concern isn't unfounded. Karnataka alone saw 83 EV fire incidents last year—most involving two-wheelers, according to news reports. EV adoption is also hampered by poor infrastructure. Also read | EVs hit with falling resale value as consumer demand cools The Deloitte study found that only 44% of consumers have dedicated access to home charging, while 41% have no access at all. Public charging infrastructure is limited, and there is no unified charging port system yet, further complicating EV adoption in India.
NDTV
25-04-2025
- Automotive
- NDTV
River EV Achieves Rs 100 Crore Revenue, 1000 Monthly Unit Sales Milestone
River, an electric vehicle manufacturer in India, has achieved a significant milestone with over Rs 100 crore in revenue within four years of establishment. The electric scooter manufactured by the brand, Indie has crossed sales of 1,000 units as of March 2025. The electric two-wheeler was launched two years ago and is sold at a starting price of Rs 1.44 lakh (ex-showroom, Bengaluru). Commenting on this achievement, Aravind Mani, Chief Executive Officer and Co-founder of River said, "In just 4 years since inception, we've crossed INR 100 Crores in revenue and 1,000 scooters in monthly sales. We are proud of the strong base that we have built across R&D capability, manufacturing and distribution. It gives us great confidence as we scale our distribution and plan our next products." Also Read: Indian Challenger And Pursuit Elite Limited Edition Motorcycles Unveiled Established in March 2021 by Aravind Mani and Vipin George, River receives backing from investors such as Yamaha Motor Corporation, Mitsui & Co. Ltd, Marubeni Corporation, Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC. Currently, River has 20 outlets spread across cities like Bengaluru, Hyderabad, Chennai, Hubli, Visakhapatnam, Kochi, Coimbatore, Vellore, Tirupati, and Mysore. The company intends to expand into Trivandrum, Vijayawada, and Pune in the near future. River's goal is to operate in over 100 cities by 2026 through a combination of company-owned locations and dealerships. The River Indie electric scooter comes with a 4 kWh battery pack with a claimed range of 161 km. It can be charged from 0 to 80 per cent in 5 hours. The juice from the battery is transferred to a 9 hp electric motor with 26 Nm of max torque. It allows the scooter to accelerate from 0 to 40 kmph in 3.7 seconds and has a top speed of 90 kmph.
