Electric two-wheeler manufacturer River Mobility has raised $120 million in a Series C funding round co-led by Elev8 Venture Partners and Claypond Capital, the company announced. The round, completed recently, included participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIIF, and HDFC AMC, along with existing investors such as Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co, according to inc42.com.
The funding round was a mix of equity and debt, with Elev8 Venture Partners contributing around $25 million in equity. The debt portion saw involvement from Alteria Capital, Innoven Capital, and Stride Ventures. This marks River Mobility’s first fundraise involving Indian institutional investors. The startup’s foreign backers also include Lowercarbon Capital, Toyota Ventures, and Maniv Mobility. River Mobility plans to use the funds to expand manufacturing capacity at its existing Bengaluru factory and a new greenfield facility, as well as to launch new products in the utility lifestyle segment.
Founded in 2021 by Aravind Mani and Vipin George, River Mobility manufactures multiutility electric scooters. Its first product, the Indie, launched in 2023, is positioned as an ‘SUV for scooters’ due to its spacious design and ability to handle rugged terrain. The startup currently operates over 75 stores across India and aims to expand to more than 350 stores. The fresh capital will also support River’s goals of improving gross margins and achieving EBITDA profitability, positioning it competitively in the growing electric two-wheeler market.
River Mobility’s Series C funding round underscores growing investor interest in India’s electric vehicle sector. The company’s next steps include scaling production and expanding retail presence nationwide. The startup’s focus on utility lifestyle scooters and manufacturing expansion aligns with broader trends in electric mobility adoption across India, as reflected in the participation of prominent institutional investors in this round.