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River Mobility Secures $120M for EV Expansion
5 Aug
Summary
- River Mobility raised $120 million in Series C funding.
- Funding will expand existing factory and build a new facility.
- New capital supports new product launches and profitability goals.
Bengaluru-based River Mobility has announced a significant Series C funding round, securing $120 million through a mix of equity and venture debt. This oversubscribed round was led by Elev8 Venture Partners and Claypond Capital, with substantial participation from existing investors like Yamaha Motor Corporation and new backers. The infusion of capital is earmarked for expanding River's manufacturing capabilities, including enhancing its current facility and establishing a new greenfield plant.
This strategic investment will also accelerate the launch of new products tailored for the utility lifestyle segment. River aims to achieve gross margin expansion and Ebitda profitability. Co-founder Aravind Mani expressed confidence in building India's first utility- and design-based mobility brand, emphasizing the goal to expand the manufacturing footprint and national presence.
Since launching the River Indie electric scooter in 2023, the company has differentiated itself by focusing on utility-first products for Indian consumers. River currently operates over 75 stores nationwide and plans to increase this to more than 350 by March 2028. This growth trajectory aligns with the booming Indian electric two-wheeler market, driven by strong consumer adoption and demand for specialized products.
