EV startup River Mobility raises $120M in Series C co-led by Elev8 Venture and Claypond Capital
River Mobility will use this funding round to expand its manufacturing capacity and to introduce new models.
River Mobility, the Bengaluru headquartered two-wheeler electric vehicle (EV) manufacturer, has raised $120 Million in a Series C round of funding consisting of equity and venture debt.
This funding round was co-led by Elev8 Venture Partners and Claypond Capital with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. Besides, existing investors Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co., Alteria Capital, Innoven Capital and Stride Ventures also participated in this round.
River Mobility said the fresh capital will be used for capacity expansion at the existing factory, establishment of a new greenfield manufacturing facility and the launch of new products in the utility lifestyle segment. The capital will also be used to drive gross margin expansion and EBITDA profitability.
Founded in March 2021 by Aravind Mani and Vipin George, River Mobility launched its two-wheeler model River Indie in 2023 with focus on utility value. The company currently operates over 75 stores across India and plans to expand it to more than 350 by March 2028.
“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 River Mobility co-founder & CEO Mani.
River Mobility said it is recording monthly sales of 5,000 units and plans to introduce new products over the coming years.
“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," Navin Honagudi, Managing Partner, Elev8 Venture Partners, said.
Claypond Capital Managing Director Sekhar Garisa said, “River has combined disciplined execution and thoughtful product differentiation to rapidly grow and garner customer love in a competitive market.”