River Mobility Raises $120 Million in Series C Funding

River Mobility has announced the closure of a $120 million Series C funding round comprising equity and venture debt. Founded in 2021 by Aravind Mani and Vipin George, Bengaluru-based River Mobility develops electric two-wheelers.

The oversubscribed funding round comprises equity investment led by Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC, along with venture debt from Alteria Capital, Innoven Capital and Stride Ventures. Existing investors, including Yamaha Motor Corporation, Al Futtaim Group and Mitsui & Co., also participated. The round marks River Mobility’s first investment from Indian institutional investors.

According to the company, the capital will be used to expand capacity at its existing manufacturing facility, establish a new greenfield manufacturing plant, develop new products in the utility lifestyle segment, and support initiatives aimed at improving gross margins and achieving EBITDA profitability.

River launched its electric scooter, the Indie, in 2023. The company currently operates more than 75 stores across India and plans to expand its retail network to over 350 stores by March 2028.

Aravind Mani, Co-founder and CEO of River Mobility, said “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.”

Navin Honagudi, Managing Partner at 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. We believe River is well-positioned to emerge as one of the defining EV companies from India.”

Sekhar Garisa, Managing Director at 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.”

Hajime Jim Aota, Chairman of 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.”

River said its monthly sales have reached 5,000 units over the past year while it continues to expand its manufacturing capacity and distribution network. The company also plans to introduce additional products in the coming years.

Also read: River secures investments from Mitsui & Marubeni Ventures