Electric two-wheeler startup River Mobility on Wednesday announced that it has raised $120 million Series C funding round comprising a mix of equity and venture debt.
The round marked the company’s first significant backing from Indian institutional investors, including Elev8 Venture Partners and Claypond Capital. Their participation adds to River’s existing global investor base, which includes Yamaha Motor Co., Marubeni Ventures, Mitsui & Co., Al-Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and JIF Capital, said a company statement.
The Bengaluru-based company said the fresh capital will be deployed to scale up production capacity at its existing manufacturing facility and to set up a new greenfield plant.
Additionally, the funds will support the launch of new products in the utility lifestyle segment, while also being channelled towards initiatives aimed at improving gross margins and achieving EBITDA profitability.
Since launching the River Indie in 2023, the company has been present in India’s electric two-wheeler market with a focus on utility-oriented products tailored for local consumers. It currently operates more than 75 stores across the country and plans to expand its retail network to over 350 stores by March 2028.
“The electric two-wheeler market in India is entering a defining growth phase, driven by strong consumer adoption, improving economics, and increasing demand for differentiated products. River stands out for its sharp product thinking, exceptional execution capability, and a highly differentiated positioning in the market. River is well-positioned to emerge as one of the defining EV companies from India,” said Navin Honagudi, Managing Partner, Elev8 Venture Partners.
Founded in March 2021 by Aravind Mani and Vipin George, River Mobility has recorded steady growth over the past year, with monthly sales reaching around 5,000 units, alongside ongoing expansion of its manufacturing capacity and pan-India distribution network.
The company also plans to introduce new products in the coming years as it scales operations in India’s electric mobility market.
