Electric two-wheeler startup River Mobility has secured $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.
Founded in 2021 by Aravind Mani and Vipin George, River Mobility focuses on utility-oriented electric two-wheelers. Its flagship electric scooter, Indie, was launched in 2023 and has positioned the company in the growing utility mobility segment.
The fresh capital will be used to expand production capacity at its existing manufacturing facility, establish a new greenfield manufacturing plant, develop new products in the utility lifestyle segment, and improve gross margins and EBITDA profitability.
Commenting on the milestone, Co-founder and CEO Aravind Mani said the investment reflects strong confidence from both existing and new investors while reinforcing River’s vision of building India’s first utility and design-led mobility brand.
River is also accelerating its retail expansion strategy. The company currently operates more than 75 stores across India and plans to expand its network to over 350 stores by March 2028, significantly strengthening its nationwide distribution and customer reach.
Operationally, River reported that monthly sales have reached around 5,000 units over the past year as it continues to scale manufacturing and distribution. The company also plans to introduce new electric vehicle models over the coming years to broaden its product portfolio.
The latest round builds on River’s previous fundraises, including a $40 million Series B round in February 2024 led by Yamaha and a $15 million Series A round in June 2023. With this financing, the company has raised approximately $188 million since inception across equity and venture debt.
The funding also marks River Mobility’s first major backing from Indian institutional investors, complementing its existing global investor base. As India’s electric mobility market continues to expand, the company is strengthening its manufacturing, retail footprint, and product pipeline to support its next phase of long-term growth.
Source: Based on publicly available reporting, with additional editorial adaptation and analysis.
