Bengaluru-based electric vehicle (EV) start-up River Mobility is in discussions with several states to set up a manufacturing facility.

The start-up is planning to invest around Rs. 10 billion in the facility with aims to manufacture 500,000 vehicles annually. The company is in talks with the governments of Telangana, Tamil Nadu, Karnataka, and Andhra Pradesh to find suitable land for constructing the factory.

"We are actively discussing with govts of Telangana, Tamil Nadu, Karnataka and Andhra Pradesh for land where we can construct our own factory. We would need anywhere from 25 to 50 acres for a facility that can churn out half a million units per year," said Aravind Mani, chief executive officer (CEO) of River Mobility.

River Mobility has already invested approximately Rs. 2.5 billion in its R&D facility and leased factory in Bengaluru. This current facility has a production capacity of 100,000 units per year. The next significant investment is planned to be Rs. 10 billion for the larger, owned facility.

The company has secured around USD 68 million over the last three years from strong investors, including prominent Japanese companies such as Yamaha, Toyota, Mitsui, and Marubeni.

"River is the first investment in India for Maniv Mobility, Trucks VC, Lower Carbon Capital, Toyota Ventures, Al-Futtaim Automotive and Marubeni Ventures," Mani stated. He also announced the opening of the company's first retail outlet in Hyderabad.