River is set for its largest funding round yet, with domestic investors backing expansion and new EV launches.
Electric vehicle startup River is in talks to raise approximately $100 million in fresh funding, marking its largest capital infusion since its founding in 2021. The upcoming round is expected to see stronger participation from Indian investors, reflecting growing domestic confidence in the country’s electric mobility ecosystem.
Investment firm Anicut Capital is likely to join Claypond Capital, backed by entrepreneur Ranjan Pai, along with Elev8 Venture Partners. The company had initially planned to raise about $80 million, but discussions have expanded the round to nearly $100 million. Sources indicate that A91 Partners is no longer part of the proposed investment group.
Founded by Aravind Mani and Vipin George, River has so far attracted primarily international investors. Its existing backers include Yamaha Motor Company, Marubeni Ventures, Mitsui & Co., Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv.
The new capital will be used to introduce additional electric vehicle models, expand distribution, and establish a new manufacturing facility. River currently operates more than 40 retail stores and aims to scale its presence to over 350 locations by March 2028.
Operationally, the Bengaluru-based company delivers about 3,000 electric two-wheelers per month and is estimated to have generated nearly ₹500 crore in revenue in FY26—almost five times higher than the previous year. The company currently sells the River Indie scooter and plans to launch at least one new model annually starting FY27.
The funding discussions come as India’s electric two-wheeler market continues to expand, supported by rising adoption and sustained investor interest in clean mobility solutions.
