EV startup River eyes 10-fold revenue growth, IPO in 3–5 years

Bengaluru-based electric two-wheeler maker, River, is targeting an over 10-fold increase in turnover by March 2028, as it plans to expand its product portfolio and strengthen its sales network nationwide, according to a PTI report quoting co-founder and chief executive officer Aravind Mani.

As per the report, the company has already crossed ₹100 crore in revenue with a single scooter model, Indie, sold through over 30 outlets concentrated in southern and western India.

The firm plans to grow its network to 100 stores by March 2026, over 200 outlets by March 2027, and about 350 outlets by March 2028. This expansion is expected to drive monthly sales of 20,000 units and a turnover of about ₹1,200 crore. The firm also intends to launch two new products by March 2027 and a third model when the network reaches 350 outlets.

Mani said that the company is exploring land acquisition and greenfield manufacturing facilities to increase production, which currently stands at around 3,000 units per month at its Bengaluru plant. The company might require about $120-130 million in capital over the next three to four years for its next growth phase.

Fundings till now

The firm, backed by investors including Yamaha Motor Corporation, Mitsui & Co, Marubeni Corporation, and Dubai-based Al-Futtaim Group, has raised $70 million in multiple funding rounds. Mani added that an initial public offering could be considered in the next three to five years, once the company achieves profitability with 15,000-20,000 monthly vehicle sales.

While India remains its primary market, River plans to expand internationally, commencing exports to Sri Lanka and Nepal this year, with longer-term plans for South East Asia and Africa.