Mumbai: Electric two-wheeler manufacturer River Mobility has secured $120 million in a Series C funding round, comprising both equity and venture debt, in one of the largest private investments in India’s electric two-wheeler industry. The capital will support the company’s next phase of growth, including manufacturing expansion, new product development and a wider retail footprint across the country.
The oversubscribed 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 participated, alongside venture debt providers Alteria Capital, Innoven Capital and Stride Ventures.
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The latest investment also marks River Mobility’s first significant backing from Indian institutional investors, expanding an investor base that already includes Yamaha Motor Co., Marubeni Ventures, Mitsui & Co., Al-Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility and JIF Capital. The company said the participation of domestic investors reflects increasing confidence in its long-term strategy and differentiated position within India’s electric mobility market.
River Mobility plans to use the fresh capital to expand production capacity at its existing manufacturing facility, establish a new greenfield factory, introduce new products in the utility lifestyle segment, and strengthen initiatives aimed at improving gross margins and achieving EBITDA profitability.
Founded with a focus on utility-oriented electric mobility, River Mobility entered the market with the launch of the River Indie in 2023. Since then, the company has positioned itself as a differentiated player by developing products designed around the practical needs of Indian consumers.
The company currently operates more than 75 stores across India and aims to increase its retail network to over 350 stores by March 2028, significantly expanding its national presence.
Commenting on the funding, Aravind Mani, Co-founder & CEO, River Mobility, said, “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. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country.”
Explaining the investment rationale, 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, 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.”
Sharing Yamaha’s perspective, 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. Yamaha are proud to see the progress made by River so far and are excited about being part of the next phase of growth.”
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River Mobility has recorded strong business momentum over the past year, with monthly sales reaching 5,000 units while continuing to expand both manufacturing capacity and its nationwide distribution network. Looking ahead, the company plans to introduce additional products over the coming years as it seeks to strengthen its position in India’s rapidly growing electric two-wheeler market.
