Electric two wheeler maker River Mobility has raised $120 million in a Series C funding round comprising equity and venture debt, one of the largest private funding rounds in India's electric two wheeler segment. The equity round was led by Elev8 Venture Partners and Claypond Capital, with participation from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. Existing investors including Yamaha Motor Corporation, Al Futtaim Group and Mitsui & Co also participated, while Alteria Capital, Innoven Capital and Stride Ventures joined through venture debt. Founded in 2021 by Aravind Mani and Vipin George, River Mobility manufactures electric two wheelers with a focus on utility oriented products. Its flagship electric scooter, Indie, was launched in 2023. The company will use the fresh capital to expand capacity at its existing manufacturing facility, set up a new greenfield plant, launch new products in the utility lifestyle segment, and improve gross margins and EBITDA profitability. "This funding marks an important milestone in River's journey. The confidence shown by both our existing and new investors reinforces our belief that there is tremendous opportunity to build India's first utility and design based mobility brand," said Aravind Mani, co-founder and CEO of River Mobility. River currently operates more than 75 retail stores across India and plans to expand its network to over 350 stores by March 2028. According to the company, monthly sales have reached around 5,000 units over the past year as it continues to expand its manufacturing capacity and distribution network. It also plans to introduce new electric vehicle models over the coming years. In February 2024, River raised$40 millionin a Series B funding round led by Yamaha, with participation from Al Futtaim Group, Lowercarbon Capital, Toyota Ventures and Maniv Mobility. Prior to that, it had secured $15 million in a Series A round in June 2023. With the latest financing, River has raised around$188 millionacross equity and venture debt since its inception. The latest round also marks the company's first major backing from Indian institutional investors, adding to its existing global investor base that includes Yamaha Motor Corporation, Marubeni Corporation, Mitsui & Co, Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility and Trucks VC. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
