River and IBC Secure Major Investments to Boost Electric Mobility and Battery Manufacturing in Karnataka

Electric vehicle startup River and battery manufacturer International Battery Company (IBC) are set to make significant investments in Karnataka, as part of a broader initiative to enhance the state's industrial landscape. These investments are among 64 projects worth over Rs 3,587 crore approved by the single-window committee, chaired by Industries Minister MB Patil.

River, a Bengaluru-based electric vehicle (EV) startup, announced an investment of Rs 400 crore in Hoskote, located in the Bengaluru rural district. This investment aims to expand River's manufacturing, research and development (R&D), and testing facilities. Additionally, River will establish new stores and service stations across Karnataka to bolster its market presence.

Backed by prominent international investors such as Yamaha Motor Co, Toyota Ventures, Lowercarbon Capital, Al-Futtaim Automotive, and Maniv Mobility, River has raised a cumulative total of $68 million (Rs 564 crore). This includes a recent Series B round, where the company secured $40 million (Rs 332 crore). With a robust R&D center in Bengaluru and a factory in Hoskote, River is committed to revolutionizing electric mobility globally.

International Battery Company (IBC) will invest Rs 390 crore in Devanahalli, Bengaluru Rural, to manufacture primary cells and batteries. This significant investment underscores IBC's commitment to advancing battery technology and supporting the growing demand for energy storage solutions in the electric mobility sector.

The approved projects, including those from River and IBC, are expected to create 13,896 jobs, according to a statement from the Industries Department. The investment initiatives were discussed and approved in a meeting attended by Principal Secretary of Industries, S Selva Kumar, and Industries Commissioner, Gunjan Krishna.

Industries Minister MB Patil emphasized the importance of these projects in strengthening Karnataka's position as a hub for innovation and manufacturing in the EV and battery sectors. "The investments by River and IBC are critical to our vision of making Karnataka a leader in sustainable industrial growth and technological advancements," he said.

These strategic investments by River and IBC not only promise to enhance Karnataka's industrial capabilities but also reflect the state's commitment to fostering innovation and sustainable development in the electric mobility and energy sectors.