River Mobility has raised $120 milllion in a Series C funding round, comprising both equity and venture debt, making it one of the largest private investments in India’s electric two-wheeler sector.
The 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 Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co. and venture debt firms like Alteria Capital, Innoven Capital and Stride Ventures also invested in the round.
The startup will use the fresh capital to fund capacity expansion at the existing factory, the establishment of a new greenfield manufacturing facility, the launch of new products in the utility lifestyle segment, and initiatives to drive gross margin expansion and EBITDA profitability.
Founded in March 2021 by Aravind Mani and Vipin George, River Mobility is a Bengaluru-based electric vehicle manufacturer. The startup designs and manufactures electric two-wheelers, with its flagship product, the Indie, positioned as an electric scooter for daily commuting.
Aravind Mani, Co-founder & CEO, River Mobility, shared, “This funding marks an important milestone in River’s journey. The confidence shown by both our existing and new investors reinforces our belief that there is tremendous opportunity to build India’s first utility and design based mobility brand. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country.”
Commenting on the investment, Navin Honagudi, Managing Partner, Elev8 Venture Partners, said, “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. Aravind, Vipin and the team have built a brand that resonates deeply with consumers looking for brilliant design, utility and durability.”
Sekhar Garisa, Managing Director, Claypond Capital, said, “River has combined disciplined execution and thoughtful product differentiation to rapidly grow and garner customer love in a competitive market. We are excited to support the team as they scale further while contributing to the country’s energy transition and domestic manufacturing ambitions.”
Commenting on the investment, Hajime Jim Aota, Chairman, Yamaha India Group, said,“River’s focus on building vertically integrated electric vehicle technology platform has been a key driver of its success. Yamaha are proud to see the progress made by River so far and are excited about being part of the next phase of growth.”
