River Mobility Raises $120 Million in Series C Funding

Bengaluru-based electric two-wheeler manufacturer River Mobility has raised $120 million in a Series C funding round, comprising both equity and venture debt. The funding marks one of the largest private investment rounds in India's electric two-wheeler industry.

The equity 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. Venture debt was provided by Alteria Capital, Innoven Capital, and Stride Ventures. Existing investors, including Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co., also participated in the round.

The investment marks River Mobility's first major funding from Indian institutional investors. The company's broader investor base also includes Marubeni Ventures, Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and JIF Capital.

River Mobility plans to use the fresh capital to expand capacity at its existing manufacturing plant, establish a new greenfield manufacturing facility, introduce new products in the utility lifestyle segment, and improve its gross margins and EBITDA profitability.

Founded in March 2021 by Aravind Mani and Vipin George, River Mobility launched its first electric scooter, River Indie, in 2023. The company said its monthly sales have grown to 5,000 units. It currently operates more than 75 retail stores across India and aims to expand its network to over 350 stores by March 2028.

Aravind Mani, Co-founder and CEO of River Mobility, said the funding will accelerate the company's product roadmap, strengthen its manufacturing capabilities, and support its nationwide expansion plans.

Navin Honagudi, Managing Partner at Elev8 Venture Partners, said River Mobility's strong product strategy, execution capability, and differentiated market positioning were key reasons for the investment.

Sekhar Garisa, Managing Director at Claypond Capital, said the company has achieved rapid growth in a highly competitive market through disciplined execution and product differentiation.

Hajime Jim Aota, Chairman of Yamaha India Group, said River Mobility vertically integrated EV technology platform has been a key driver of its success.

With electric two-wheeler adoption continuing to grow in India, supported by rising fuel costs, government incentives, and an expanding product portfolio, River Mobility plans to launch additional products and further strengthen its position in the market.