Bengaluru-based electric two-wheeler maker River Mobility has raised $120 million (around Rs 1,141 crore) in a Series C funding round comprising equity and venture debt, as the company looks to expand manufacturing, launch new products and widen its retail footprint.
The equity round was co-led by Elev8 Venture Partners and Claypond Capital. Other investors included Singularity AMC, Anicut Capital, 360 ONE Asset, JIIF and HDFC AMC, while existing backers Yamaha Motor Corporation, Al Futtaim Group and Mitsui & Co also participated. The venture debt portion was provided by Alteria Capital, Innoven Capital and Stride Ventures.
The company said the funding will be used to expand capacity at its existing manufacturing facility, set up a new greenfield plant, develop new products in the utility mobility segment and improve margins as it works towards EBITDA profitability.
"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," co-founder and chief executive Aravind Mani said.
Founded in 2021 by Aravind Mani and Vipin George, River Mobility launched its flagship electric scooter, the Indie, in 2023, positioning it as a utility-focussed product for everyday commuting. The company currently operates more than 75 retail outlets across India and plans to expand that network to more than 350 stores by March 2028.
River Mobility said monthly sales have reached about 5,000 units over the past year as it continues to scale production and distribution.
Prior to this, in 2022, River raised a $15-million Series A round led by Dubai-based Al Futtaim Group, with participation from Lowercarbon Capital, Toyota Ventures, Maniv Mobility, Trucks VC and angels. In 2023, it followed that with a $40-million Series B round led by Yamaha Motor Corporation, alongside existing investors. The company also secured additional venture debt financing to support expansion. With the latest raise, River Mobility's total funding has crossed $180 million.
It competes with companies including Ather Energy, Ola Electric, TVS Motor, Bajaj Auto and Hero MotoCorp in India's rapidly expanding electric scooter market.
