- River Mobility, an Indian electric vehicle startup, has raised $120 million in a Series C funding round to scale manufacturing and launch new models.
- The funding round was led by Elev8 Venture Partners and Claypond Capital, with participation from several investors including Yamaha Motor and Al-Futtaim Group.
- River's total capital raised now stands at $144 million following this funding round.
- The startup plans to use the funds to expand its factory in Karnataka and build a new plant with a capacity of up to 80,000 scooters a month.
- River has sold over 50,000 units of its electric moped model, Indie, which it launched in 2023.
Yamaha-backed River Mobility has successfully raised $120 million in a Series C funding round, aiming to enhance its manufacturing capabilities and expand its product lineup. The round, led by Elev8 Venture Partners and Claypond Capital, brings River's total funding to $144 million since its inception in 2021.123
River Mobility, which launched its electric moped model, Indie, in 2023, has seen significant growth, selling approximately 6,000 vehicles monthly and achieving over 50,000 units sold to date. CEO Aravind Mani noted, “There was a point in time when we were making 20 vehicles a day. Today we make 300 vehicles a day, and that scale-up has not been easy.”5
The startup's revenue surged by 330% in the fiscal year ending March 2026, with monthly revenue reaching around ₹1 billion ($11 million). River aims to achieve operational profitability by increasing monthly production to 20,000 to 25,000 vehicles by 2028-29. The company plans to introduce two additional models next year, expanding its retail presence to over 200 stores by March 2027 and 400 by March 2028.
Currently, River's manufacturing facility in Bengaluru can produce 10,000 vehicles a month, but with a new plant in the works, production capacity could rise to 80,000 scooters monthly. Mani emphasized the importance of understanding local consumer behavior, stating, “They understand macroeconomics. What they don’t understand is the customer behavior.”4
“Total funding now stands at $144 million after the round, which was led by Elev8 Venture Partners and Claypond Capital with Yamaha Motor and Mitsui participating. River, which sells about 6,000 Indie mopeds monthly through 75-plus stores, expects its new plant's first phase with annual capacity of 700,000–800,000 vehicles to be commissioned by mid-2027.”
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