River Mobility has raised $120 Mn in a Series C round co-led by Elev8 Venture Partners and Claypond Capital to expand manufacturing, launch new EVs and accelerate profitability
The fundraise underscores growing investor confidence in India’s electric two-wheeler market as demand rebounds
The Series C round combines equity and venture debt, with participation from Indian institutional investors for the first time alongside existing global backers
Electric two-wheeler manufacturer River Mobility has raised $120 Mn (about ₹1,141 Cr) in its Series C funding round co-led by Elev8 Venture Partners and Claypond Capital. The round also saw participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIIF, and HDFC AMC, along with existing investors, including Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co.
Notably, the round was a mix of equity and debt funding, with Elev8 contributing around $25 Mn. The debt portion saw participation from Alteria Capital, Innoven Capital, and Stride Ventures.
This was also River’s first fundraise involving Indian institutional investors. Some of its other foreign backers include Lowercarbon Capital, Toyota Ventures and Maniv Mobility, among others.
The EV startup plans to utilise the fresh funds toward expanding its manufacturing capacity, both at the existing factory near Bengaluru and a new greenfield facility. Additionally, the funding will fuel the launch of new products in the utility lifestyle segment and help the startup in its goal of gross margin expansion and EBITDA profitability, River said in a statement.
Founded in 2021 by Aravind Mani and Vipin George, River manufactures multiutility escooters. In 2023, it launched its first escooter, Indie, positioned as the ‘SUV for scooters’ due to its roomy exterior and ability to traverse rugged terrain.
The startup currently operates over 75 stores across India and is targeting to expand its footprint to over 350 stores by March 2028. River has witnessed significant growth in its sales volumes in the ongoing year amid a revival of overall electric two-wheeler sales.
In July, River saw a 24% MoM uptick in escooter registrations to 5,514 units from 4,449 in June, according to Vahan data. For context, it sold 386 units in the entire FY24.
Prior to the current capital infusion, it had raised $68 Mn in equity funding across multiple rounds. It last raised $40 Mn from Japanese OEM Yamaha Motor Corporation.
On the financial front, River claimed its operating revenue jumped 21X in FY25 to ₹104 Cr from ₹5 Cr in the previous fiscal year. It is yet to report its FY26 financial numbers.
