Electric two-wheeler manufacturer River Mobility has raised $120 million in a Series C funding round comprising equity and venture debt, marking one of the largest private funding rounds in India’s electric two-wheeler sector.
The equity round was led by Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, and HDFC AMC. Existing investors, including Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co, also participated, while Alteria Capital, Innoven Capital, and Stride Ventures joined through venture debt.
The fresh funding will help the Bengaluru-based EV startup scale manufacturing, expand its retail footprint, and accelerate the launch of new electric vehicle models.
Fresh Capital to Expand Manufacturing and Launch New EVs
According to the company, the newly raised funds will be used to expand production capacity at its existing manufacturing facility, establish a new greenfield manufacturing plant, and develop new products in the utility lifestyle electric vehicle segment.
River also plans to improve its gross margins and EBITDA profitability while strengthening its manufacturing capabilities to support rising customer demand.
The investment comes as India’s electric two-wheeler market continues to witness rapid growth driven by increasing consumer adoption and expanding charging infrastructure.
Building Utility-Focused Electric Two-Wheelers
Founded in 2021 by Aravind Mani and Vipin George, River Mobility develops electric two-wheelers focused on utility-oriented mobility solutions.
The company’s flagship electric scooter, Indie, was launched in 2023 and is designed to cater to customers seeking practical and everyday commuting solutions rather than purely lifestyle-focused products.
River aims to differentiate itself by combining functional design with utility, targeting urban commuters and commercial users.
Retail Network Set to Cross 350 Stores
River has been steadily expanding its offline presence across India.
The company currently operates more than 75 retail stores nationwide and plans to increase that number to over 350 stores by March 2028, significantly strengthening its distribution and customer service network.
According to the company, its monthly sales have reached approximately 5,000 electric scooters, supported by increasing manufacturing capacity and growing consumer demand.
Alongside network expansion, River also plans to introduce several new electric vehicle models over the coming years.
Funding Builds on Strong Investor Confidence
The latest Series C round follows River’s $40 million Series B funding raised in February 2024, led by Yamaha Motor Corporation, with participation from Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
Earlier, the company secured $15 million in a Series A round in June 2023.
With the latest financing, River has now raised approximately $188 million through a combination of equity and venture debt since its inception.
Indian Institutional Investors Join Global Backers
The Series C round also marks an important milestone as River Mobility receives its first major investment from Indian institutional investors.
Its investor base now includes a combination of global strategic investors and leading Indian financial institutions, including Yamaha Motor Corporation, Marubeni Corporation, Mitsui & Co, Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility, Trucks VC, Elev8 Venture Partners, and Claypond Capital.
Commenting on the funding, co-founder and CEO Aravind Mani said the investment reinforces the company’s vision of building India’s first utility and design-focused electric mobility brand.
River Strengthens Position in India’s Growing EV Market
India’s electric two-wheeler market continues to attract significant investor interest as manufacturers compete to expand production capacity, strengthen distribution networks, and introduce new products.
With $120 million in fresh capital, an expanding retail footprint, strong institutional backing, and plans for new manufacturing facilities, River Mobility is well positioned to scale its operations and strengthen its presence in India’s rapidly evolving electric mobility ecosystem.
