Bengaluru-based electric two-wheeler manufacturer River Mobility has closed a USD 120 million Series C funding round comprising equity and venture debt.
The funding round was led by Elev8 Venture Partners and Claypond Capital, with equity participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. Existing investors including Yamaha Motor Corporation, Al Futtaim Group, Mitsui & Co., Alteria Capital, Innoven Capital and Stride Ventures also participated in the round.
The company plans to utilise the capital to expand manufacturing capacity at its factory, construct a greenfield production facility, introduce products in the utility vehicle segment and support margin expansion and EBITDA targets.
River Mobility launched its Indie model in 2023 and operates over 75 retail locations across India, with plans to expand to 350 stores by March 2028.
At present, the company says its monthly EV sales have reached 5,000 units.
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."
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.”
Hajime Jim Aota, Chairman of 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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