River Mobility Raises $120 Million, Plots Manufacturing Expansion

River Mobility has announced the closure of its Series C funding round, securing $120 million. The Bengaluru-based company says that this marks one of the largest private investments in India's electric two-wheeler (e2W) market. The brand further says that the funds will be used to expand its existing manufacturing capacity and establish a new greenfield manufacturing facility.

River Mobility has been operating in the Indian market since 2023. One of its biggest milestones was receiving an investment from Yamaha Motor Corporation. The company currently operates more than 75 stores across India and aims to expand its retail network to over 350 stores by March 2028.

Official Statements

Aravind Mani, Co-founder & CEO, River Mobility, said: “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. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint, and strengthen our presence across the country.”

Sekhar Garisa, Managing Director, Claypond Capital, said: "River has combined disciplined execution and thoughtful product differentiation to rapidly grow and earn customer trust in a competitive market. We are excited to support the team as they scale further while contributing to the country's energy transition and domestic manufacturing ambitions."

Commenting on the investment, Hajime Jim Aota, Chairman, Yamaha India Group, said: “River's focus on building a vertically integrated electric vehicle technology platform has been a key driver of its success. Yamaha is proud to see the progress River has made so far and is excited to be part of its next phase of growth.”

Also Read: River Indie Gen 3 Long Term Report: 1 Month, 400 km After

Recently, the brand announced achieving a 50,000-unit sales milestone for the Indie electric scooter at its manufacturing facility in Hoskote, Karnataka. The company began manufacturing the Indie on August 25, 2023, meaning it took less than three years to reach the milestone. The Indie is the sole offering from the brand and is currently priced at Rs 1.55 lakh (ex-showroom). It also shares its underpinnings with the Yamaha EC-06, essentially making it the same scooter under the skin with some visual differences.