River Mobility secures $120 million in Series C funding, marking one of the largest private investments in India’s electric two-wheeler industry. The Bengaluru-based EV manufacturer announced that the oversubscribed Series C round includes both equity and venture debt, providing the company with fresh capital to expand manufacturing, launch new products, and strengthen its nationwide retail network.
Oversubscribed Round Attracts Leading Indian and Global Investors
The funding 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 reinforced their commitment alongside venture debt firms Alteria Capital, Innoven Capital, and Stride Ventures.
The investment represents River’s first major backing from Indian institutional investors, complementing its global investor base that includes Lowercarbon Capital, Toyota Ventures, Marubeni Ventures, Maniv Mobility, and others. This reflects increasing confidence in the company’s long-term growth strategy and utility-focused electric mobility vision.
Fresh Capital to Expand Manufacturing and Product Portfolio
River Mobility secures $120 million in Series C funding to support the next phase of expansion. The company plans to increase production capacity at its existing manufacturing facility while establishing a new greenfield factory. The investment will also fund new utility-lifestyle electric vehicles, improve gross margins, and accelerate its path toward EBITDA profitability.
Since launching the River Indie electric scooter in 2023, the company has focused on building practical, utility-first electric two-wheelers designed specifically for Indian consumers. River currently operates more than 75 retail stores across the country and aims to expand its network to over 350 stores by March 2028.
Leadership and Investors Confident About Future Growth
Commenting on the announcement, Co-founder and CEO Aravind Mani said the funding validates River’s vision of building India’s first utility and design-led mobility brand. He noted that the fresh investment will accelerate product development, manufacturing expansion, and the company’s nationwide presence.
Investors also expressed strong confidence in River’s differentiated approach. Elev8 Venture Partners highlighted the company’s product innovation, execution capability, and strong consumer appeal, while Claypond Capital praised its disciplined growth and contribution to India’s clean mobility transition. Yamaha India Group also emphasized River’s vertically integrated EV technology platform as a major strength supporting its future growth.
Strong Sales Momentum Supports Expansion Plans
River Mobility secures $120 million in Series C funding as the company experiences strong business momentum. Monthly sales have grown to around 5,000 units, supported by expanding production capacity and a growing distribution network across India. Founded in 2021 by Aravind Mani and Vipin George, River continues to strengthen its position in the country’s fast-growing electric two-wheeler market.
With ambitious manufacturing plans, new product launches, and wider retail expansion, River Mobility secures $120 million in Series C funding to position itself for the next phase of India’s electric mobility revolution.
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