Indian electric mobility startup River has raised $120 million in a Series C round designed to accelerate manufacturing and support its next stage of growth. The funding was led by Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, HDFC AMC, and existing backers including Yamaha Motor, Al-Futtaim Group, and Mitsui.
Founder and CEO Aravind Mani said the round includes a small share of venture debt, while the equity portion is fully primary capital. With this raise, River's total funding has reached $144 million.
Founded in 2021, River has built its business around a single electric moped, the Indie, launched in 2023. The company says it now sells around 6,000 vehicles a month through more than 75 stores across India and has crossed 50,000 units sold.
The Indie is priced at ₹155,000 and offers a claimed range of about 99 miles, along with optional accessories. River says its core audience is self-employed customers aged 28 to 35, reflecting a utility-first approach rather than a broad consumer lineup.
Manufacturing has become the company's main focus. River says it has increased output from 20 vehicles a day to 300 a day, while its Bengaluru-area plant can now produce about 10,000 vehicles per month after upgrades. The startup expects to fully use that capacity by early next year.
River also plans to introduce two new models starting next year, while preparing a new factory whose first phase is expected to come online by mid-2027. That site is projected to support annual production of about 700,000 to 800,000 vehicles. The company aims to expand its retail network to more than 200 stores by March 2027 and around 400 by March 2028.
Backed by stronger sales, River says revenue rose 330% in the fiscal year ended March 2026, with monthly revenue reaching about ₹1 billion. The company expects operational profitability once monthly production climbs to 20,000 to 25,000 vehicles, a target it hopes to reach by 2028-29. If executed well, this expansion could help shape the next phase of India's electric two-wheeler market.
