- River Mobility has raised $120 million in a Series C funding round, co-led by Elev8 Venture Partners and Claypond Capital, marking one of the largest private fundraising rounds in India's electric two-wheeler industry.
- The newly raised capital will be used to expand production capacity at the company's existing manufacturing facility, establish a new greenfield plant, develop new products in the utility lifestyle segment, and improve gross margins and EBITDA profitability.
- River Mobility currently operates more than 75 retail stores across the country and plans to expand its network to over 350 outlets by March 2028.
- Founded in March 2021 by Aravind Mani and Vipin George, River Mobility focuses on developing utility-oriented electric two-wheelers.
- The company introduced its flagship electric scooter, Indie, in 2023.
- Prior to the latest round, River raised $40 million in a Series B funding round in February 2024, and $15 million in Series A funding in June 2023.
River Mobility, founded in 2021, has successfully raised $120 million in a Series C funding round, marking a significant milestone in India's electric two-wheeler sector. The funding, co-led by Elev8 Venture Partners and Claypond Capital, includes both equity and venture debt, with participation from notable investors such as Yamaha Motor Corporation and HDFC AMC.12
The capital will be allocated to expand production capacity at its existing facility, establish a new greenfield plant, and develop new products in the utility lifestyle segment. CEO Aravind Mani stated, "This funding marks an important milestone in River's journey... there is tremendous opportunity to build India's first utility and design based mobility brand."35
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Currently, River operates over 75 retail stores and aims to increase this number to over 350 outlets by March 2028. The company has maintained monthly sales of around 5,000 units over the past year, showcasing its growing manufacturing and distribution capabilities. Prior to this round, River raised $40 million in a Series B funding round in February 2024 and $15 million in Series A funding in June 2023.4678
According to Navin Honagudi of Elev8, the electric two-wheeler market in India is entering a defining growth phase, driven by strong consumer adoption and demand for differentiated products. Sekhar Garisa of Claypond Capital added that River's disciplined execution and product differentiation have garnered significant customer loyalty in a competitive market.
“The round includes venture debt from Alteria Capital, Innoven Capital, and Stride Ventures, with existing backers Yamaha, Al Futtaim, and Mitsui also participating. River plans to grow its retail footprint from over 75 stores to more than 350 outlets by March 2028.”
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