EV Startup River Mobility Raises $120 Million for Expansion

Indian electric scooter manufacturer River Mobility has raised $120 million (approximately ₹1,141 crore) in a Series C funding round. The round was co-led by Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIIF, and HDFC AMC. Existing investors including Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co. also participated.

The funding round included a mix of equity and debt. Elev8 Venture Partners contributed around $25 million, while Alteria Capital, Innoven Capital, and Stride Ventures participated in the debt portion. This marks River Mobility's first funding round with Indian institutional investors.

River Mobility plans to utilize the funds to expand its manufacturing capacity at its existing factory near Bengaluru and at a new greenfield facility. The investment will also support the launch of new products in the "utility lifestyle" segment, aiming to improve gross margins and achieve EBITDA profitability.

Founded in 2021, River Mobility manufactures multi-utility electric scooters. Its first model, the Indie, launched in 2023, is positioned as a rugged option for varied terrain. The company currently operates over 75 stores across India and aims to reach more than 350 stores by March 2028. Sales volumes have seen significant growth recently amid a recovery in the electric two-wheeler market.