Yamaha-Backed Indian EV Startup River Mobility Secures $120 Million in Series C Funding

Indian electric two-wheeler manufacturer River Mobility has raised $120 million in an oversubscribed Series C funding round. The capital injection, comprising a mix of equity and venture debt, marks one of the largest private investments in the country's electric two-wheeler sector.

The round was co-led by Elev8 Venture Partners and Claypond Capital, with participation from major domestic institutional investors including HDFC AMC, Singularity AMC, Anicut Capital, and 360 ONE Asset. Existing global backers, including Japanese automotive giant Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co, also re-invested in the startup.

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The Bengaluru-based startup, known for its flagship Indie utility electric scooter, plans to utilise the funds to scale up its production footprint and broaden its product portfolio. Key allocations include expanding capacity at its existing Karnataka factory and setting up a new greenfield facility. The new plant aims to boost River's monthly production capacity to up to 80,000 units, a major jump from its current 10,000-unit monthly threshold.

River Mobility CEO and co-founder Aravind Mani stated that the fresh capital will also support the development of two new utility-focused electric models. The company plans to launch its second scooter model by mid-2027 while simultaneously growing its nationwide retail footprint from over 75 outlets to more than 350 stores by March 2028.