MITSUI & CO., LTD. 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.
