River Mobility raises $120 million in Series C led by Elev8, Claypond

The Bengaluru-based electric two-wheeler maker will use the fresh capital to expand manufacturing capacity, build a new factory and launch products in the utility lifestyle segment

Bengaluru-based electric vehicle maker River Mobility has raised a $120 Million Series-C funding round, comprising both equity and venture debt. 

 

The oversubscribed round comprises equity led by Elev8 Venture Partners and Claypond Capital, Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. This round also saw participation from existing investors Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co. and venture debt firms Alteria Capital, Innoven Capital and Stride Ventures.

 

The fresh capital is intended to fund capacity expansion at the existing factory and the establishment of a new greenfield manufacturing facility. Funding would help in the launch of new products in the utility lifestyle segment, and initiatives to drive gross margin expansion and EBITDA profitability.

 

 

“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,” said Aravind Mani, cofounder and chief executive officer, River Mobility. 

 

Since launching the  electric scooter River Indie in 2023, the company has established itself as a differentiated player in India's electric two-wheeler market by building utility-first products designed specifically for Indian consumers. The firm currently operates 75+ stores across India and is on track to expand its footprint to over 350 stores by March 2028.

 

Navin Honagudi, managing partner, 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 cofounders 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,” Navin added.

 

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,” said Sekhar Garisa, managing director, Claypond Capital.

 

Commenting on the investment, Hajime Jim Aota, Chairman, Yamaha India Group, said River’s focus on building vertically integrated electric vehicle technology platform has been a key driver of its success. “We are proud to see the progress made by River so far and are excited about being part of the next phase of growth,” said Hajime Jim Aota.

 

River has witnessed strong momentum over the past year, with monthly sales growing to 5,000 units, while continuing to expand its manufacturing capacity and nationwide distribution network. The firm plans to introduce new products over the coming years as it strengthens its position in India's fast-growing electric mobility market.