Mitsui : Investment in World of River, a Company Developing an Electric Scooter Manufacturing and Sales Business in India
June 27, 2024 at 12:40 am
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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori), has invested in World of River Limited, Inc. ("River", Head Office: Delaware, U.S.A., Co-founder/CEO: Aravind Mani), which manufactures and sells electric scooters under the "River" brand in India, the world's biggest market for two-wheelers. Mitsui invested through a third-party allotment under River's Series B round of funding.
The Indian government is actively promoting the use of EVs as a response to serious air pollution problems. In this connection, River has established River Mobility Private Limited (Head Office: Bengaluru, Karnataka, India) to supply high-quality electric scooters with enhanced design features.
The Indian electric scooter market is expected to enter new phase of growth. In addition to River's two-wheeler design capabilities, by utilizing Mitsui's networks, we aim to assist India to solve societal issues facing the country and contribute to the realization of Prime Minister Modi's "Make in India" initiative*. Mitsui's activities in India also include an investment in 2008 in India Yamaha Motor Pvt. Ltd., a two-wheeler manufacturer and a subsidiary of Yamaha Motor Co., Ltd. ("Yamaha"). We will pursue business collaboration with River and Yamaha, which also invested in River in January 2024.
Mitsui has adopted "Deeper Sustainability Management" as one of the corporate strategies in its Medium-term Management Plan 2026 and is working toward a vision of achieving net-zero emissions by 2050.
Through this investment, we will contribute to the creation of a society that is in harmony with the environment by further promoting electrification in the mobility sector.
*The aim of this policy is to take the Indian economy to a new level of growth by attracting foreign capital to drive the development of the country's manufacturing industries.
Company Profile
Company name
World of River Limited, Inc.
Brand name
River
Location
Delaware, U.S.A.
Established
2021
Representatives
Co-founder/CEO: Aravind Mani, Co-founder/CPO: Vipin George
No. of employees
297 (as of May 2024)
Business
Manufacture and sale of electric scooters
Website
www.rideriver.com
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Mitsui & Co. Ltd. published this content on
27 June 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
27 June 2024 04:39:07 UTC.
Mitsui & Co., Ltd. is a diversified group organized around 7 sectors of activity:
- distribution of chemical products (24.3% of net sales);
- distribution of foods, consumer products and pharmaceuticals (23%). The group is also engaged in real estate asset management;
- production and sale of gas and oil products (22.1%);
- production of minerals and non ferrous metals (16.2%);
- manufacturing of industrial engines equipments (7.3%);
- distribution of iron and steel products (5.2%);
- other (1.9%): primarily sale of IT and communication products, financing and logistics services.
MITSUI & CO., LTD. 
