River Mobility to open 100 stores by March 2026

05 Aug 2024 CW Team

Mani elaborated on the expansion plans, noting that the company will add more retail showrooms in Chennai over the next year, with a second store in Tamil Nadu set to open in Coimbatore. He mentioned that Chennai will have at least four stores within the next year. Since starting operations in March 2021, the company has been selling the "Indie" range of scooters since October 2023 and has already sold approximately 1,500 units, with around 400 vehicles sold in the previous month.

Mani highlighted that the company currently employs around 750 people and has raised approximately Rs 5.50 billion, with most investors being international. Notable investors include Yamaha, which led the last funding round, as well as Toyota Ventures and Mitsui. The company has a research and development facility in White Field, Bengaluru, and about 400 engineers working at its assembly factory in Hosur, located on the outskirts of Bengaluru.

In response to a query, Mani mentioned that the company currently operates three stores?two in Bengaluru and one in Hyderabad. The Chennai store represents the fourth outlet and the second outside Karnataka. He indicated that by November, the company will have 15 stores, and by March 2025, it will have 50 stores, with a goal of reaching 100 stores by March 2026. The company currently retails only one product, the "Indie," priced at Rs 1.47 lakh in Chennai.

Mani also shared plans to introduce a new product expected to be unveiled in early 2026. Regarding factory operations, he noted that the company assembles battery packs at a production facility with a capacity of around 100,000 units, producing about 9,000 units of the "Indie" scooter each month. River Mobility imports cells from China and Korea, which account for 25% of the vehicle's overall cost. He observed that cell costs are improving and suggested that the establishment of a manufacturing facility in India would further enhance this situation.

When asked about additional funding, Mani indicated that the company might seek another round of fundraising sometime next year. He also mentioned plans to establish a new factory and expand dealerships to around 500 cities, though he did not provide specific details on the capital required. Mani announced that the company will open a second company-owned store in Bengaluru next week, with another planned for September. One store will be located on Indira Nagar 100 Feet Road, and the fourth Bengaluru store will be situated in Rajaji Nagar by September. Of the four stores in Bengaluru, two will be company-owned, and two will be dealer-owned. Additionally, the company plans to expand its presence in Kochi, Coimbatore, Thiruvananthapuram, Ahmedabad, Surat, Mumbai, Pune, and Nagpur.

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River Mobility Pvt Ltd, an electric vehicle startup headquartered in Bengaluru and backed by prominent investors such as Yamaha Motor Corp and Mitsui & Company Ltd, plans to open 100 showrooms by March 2026, according to a senior official. The company recently inaugurated its first store in Chennai as part of its expansion drive and aims to open 15 more stores by November and 50 stores by March 2025, as stated by Chief Executive Officer and Co-Founder Aravind Mani. Mani elaborated on the expansion plans, noting that the company will add more retail showrooms in Chennai over the next year, with a second store in Tamil Nadu set to open in Coimbatore. He mentioned that Chennai will have at least four stores within the next year. Since starting operations in March 2021, the company has been selling the Indie range of scooters since October 2023 and has already sold approximately 1,500 units, with around 400 vehicles sold in the previous month. Mani highlighted that the company currently employs around 750 people and has raised approximately Rs 5.50 billion, with most investors being international. Notable investors include Yamaha, which led the last funding round, as well as Toyota Ventures and Mitsui. The company has a research and development facility in White Field, Bengaluru, and about 400 engineers working at its assembly factory in Hosur, located on the outskirts of Bengaluru. In response to a query, Mani mentioned that the company currently operates three stores?two in Bengaluru and one in Hyderabad. The Chennai store represents the fourth outlet and the second outside Karnataka. He indicated that by November, the company will have 15 stores, and by March 2025, it will have 50 stores, with a goal of reaching 100 stores by March 2026. The company currently retails only one product, the Indie, priced at Rs 1.47 lakh in Chennai. Mani also shared plans to introduce a new product expected to be unveiled in early 2026. Regarding factory operations, he noted that the company assembles battery packs at a production facility with a capacity of around 100,000 units, producing about 9,000 units of the Indie scooter each month. River Mobility imports cells from China and Korea, which account for 25% of the vehicle's overall cost. He observed that cell costs are improving and suggested that the establishment of a manufacturing facility in India would further enhance this situation. When asked about additional funding, Mani indicated that the company might seek another round of fundraising sometime next year. He also mentioned plans to establish a new factory and expand dealerships to around 500 cities, though he did not provide specific details on the capital required. Mani announced that the company will open a second company-owned store in Bengaluru next week, with another planned for September. One store will be located on Indira Nagar 100 Feet Road, and the fourth Bengaluru store will be situated in Rajaji Nagar by September. Of the four stores in Bengaluru, two will be company-owned, and two will be dealer-owned. Additionally, the company plans to expand its presence in Kochi, Coimbatore, Thiruvananthapuram, Ahmedabad, Surat, Mumbai, Pune, and Nagpur.

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