River Mobility Bags $120 Million Series C Funding for EV Expansion

The funding round was oversubscribed, showing strong investor interest. It was led by Elev8 Venture Partners and Claypond Capital. Other investors included Singularity AMC, Anicut Capital, 360 ONE Asset, JIIF, and HDFC AMC. Existing investors such as Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co. also joined the round.

River Mobility plans to use the new investment to increase its manufacturing capacity and build a new greenfield manufacturing plant. The company also plans to introduce new utility-focused electric two-wheeler models to expand its product lineup.

Along with expanding production and launching new vehicles, River Mobility will use the funding to improve its gross margins and increase EBITDA profitability. These steps will help the company strengthen its business and support its long-term growth in India's fast-growing electric vehicle market.

"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," said Aravind Mani, Co-founder and CEO of River Mobility. "This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country."

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 stands out for its sharp product thinking, exceptional execution capability, and a highly differentiated positioning in the market. 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.”

Sekhar Garisa, Managing Director, Claypond Capital, said, “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.”

Founded in 2021 by Aravind Mani and Vipin George, River Mobility is an Indian company that makes electric two-wheelers with a focus on practical and utility-based scooters. In 2023, the company launched its first electric scooter, Indie, which was designed for everyday use and lifestyle needs instead of competing only on low prices.

River Mobility currently has more than 75 retail stores across India and plans to increase this number to over 350 stores by March 2028. The company says it is now selling around 5,000 electric scooters every month, supported by its growing manufacturing capacity and expanding retail network.

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