EV Startup River Mobility Bags $120 Million for Capacity Expansion 

The $120 million investment will help River Mobility strengthen its manufacturing capacity and accelerate growth in India’s competitive electric two-wheeler market. 

Electric two-wheeler startup River Mobility has raised $120 million in a Series C funding round to accelerate its manufacturing expansion and broaden its product portfolio as demand for electric vehicles continues to grow in India.

The Bengaluru-based company plans to significantly scale its production capabilities in Karnataka. Alongside expanding its existing manufacturing unit, River will establish a new facility capable of producing up to 80,000 electric scooters per month, a sharp increase from the 10,000-unit monthly capacity of its current plant.

Founded in 2021, River Mobility has steadily strengthened its presence in India’s electric two-wheeler market. According to data from the government’s Vahan portal, the company had sold 27,533 units of its Indie electric scooter by July 2026. The company expects its annual sales to more than double—and potentially triple—compared to the nearly 28,000 units sold in 2025.

River currently operates in the premium electric scooter segment, where it competes with established brands such as Ather Energy as well as larger automotive players TVS Motor Company and Bajaj Auto. Based on Vahan data, Ather sold over 200,000 units by July 2026, while TVS and Bajaj recorded sales of approximately 307,760 and 263,959 electric two-wheelers, respectively.

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Beyond manufacturing expansion, River Mobility is preparing to introduce a second premium utility electric scooter by mid-2027 and is already working on a third model to strengthen its product lineup.

The company also reported strong financial momentum, with revenue increasing more than fourfold in fiscal 2026 compared to the previous year. While audited figures are yet to be released, River had posted revenue of around ₹1 billion (approximately $10.5 million) in fiscal 2025.

The funding round was led by Elev8 Venture Partners and Claypond Capital, with over 85 per cent of the investment coming as equity and the remaining portion as debt. Existing investors, including Yamaha Motor, Al-Futtaim Group and Mitsui & Co., also participated in the round.

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Nikita Kumari
Nikita Kumari
Nikita Kumari is a Journalist at EFY. She decodes deals, investments, and policy shifts, redefining the semiconductor and tech landscape.

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