With strong support from international investors, Bengaluru’s River and International Battery Company (IBC) plan to make large investments in the city’s rural areas with the goal of promoting electric mobility and creating jobs.
Investment Plans in Hoskote by River
Hoskote, a rural Bengaluru area, is the target of an ambitious Rs 400 crore investment plan revealed by Bengaluru-based electric vehicle (EV) company River. The purpose of this significant investment is to improve their capabilities in testing, R&D, and manufacturing. Furthermore, River intends to open new outlets and gas stations all around the state to increase its visibility and accessibility in Karnataka.
Prominent foreign investors, such as Toyota Ventures, Al-Futtaim Automotive, Yamaha Motor Co., Lowercarbon Capital, and Maniv Mobility, are supporting the firm. River has raised up to $68 million (about Rs 564 crore) so far, with a recent Series B round in which they were able to earn $40 million (around Rs 332 crore). With a facility in Hoskote and an R&D center in Bengaluru, River is firmly rooted in Karnataka and dedicated to spearheading the global electric mobility movement.
IBC’s Investment in Devanahalli
International Battery Company (IBC) has committed to investing Rs 390 crore in Devanahalli, another area within the Bengaluru rural district. This investment will focus on manufacturing primary cells and batteries, which are crucial components in the EV ecosystem.
Government Approval and Job Creation
These actions taken by River and IBC are a part of a wider approval process that saw 64 projects totaling more than Rs 3587 crore approved by the single-window committee led by Industries Minister MB Patil. According to government estimates, these projects will greatly strengthen the local economy by generating about 13,896 new employment.
Principal Secretary of Industries S Selva Kumar and Industries Commissioner Gunjan Krishna, who attended the clearance meeting, emphasized the significance of these investments in promoting regional industrial growth and job creation.
Impact on Electric Mobility
River’s expansion plans underscore its commitment to revolutionizing the electric mobility sector. By bolstering its manufacturing and R&D facilities, River aims to enhance the production of cutting-edge EVs that cater to both domestic and international markets. The establishment of new stores and service centers will ensure that customers have better access to River’s products and services, promoting the adoption of electric vehicles across Karnataka and beyond.
Global Backing and Financial Strength
The substantial financial backing from global investors like Yamaha Motor Co, Toyota Ventures, and others underscores the confidence these entities have in River’s potential. This financial strength will not only facilitate River’s expansion plans but also ensure that the company remains at the forefront of innovation in the EV sector. The successful raising of $68 million, including a notable $40 million in the recent Series B round, highlights the strong investor interest and trust in River’s vision and capabilities.
IBC’s Role in the EV Ecosystem
IBC’s investment in battery manufacturing is a crucial development for the EV ecosystem. The production of primary cells and batteries in Devanahalli will support the growing demand for reliable and efficient energy storage solutions, which are vital for the proliferation of electric.
Read more: Marketing News, Advertising News, PR and Finance News, Digital News
