Bengaluru-Based River Mobility Secures $120 Million Series C

River Mobility, the Bengaluru-based electric two-wheeler manufacturer, has successfully raised $120 million in a Series C funding round. The investment comprises a mix of equity and venture debt, marking a significant milestone for the Indian electric vehicle (EV) sector. Elev8 Venture Partners and Claypond Capital led the equity round, with notable support from existing institutional investors like Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co. This capital injection underscores strong investor confidence in the brand's growth trajectory and its specific utility-focused lifestyle scooter segment.

Since its inception in 2021 by Aravind Mani and Vipin George, River Mobility has rapidly scaled its presence in the Indian market. The company launched its flagship Indie scooter in 2023 and has already reached a significant sales milestone of over 27,500 units as of mid-2026. With revenue quadrupling in fiscal 2026, the company currently maintains a monthly sales volume of approximately 5,000 units. Management plans to deploy the new funds to expand its manufacturing footprint, including a new greenfield facility, and to aggressively broaden its retail network to 350 stores by March 2028.

The successful funding round positions River Mobility to compete more effectively within India’s crowded electric two-wheeler landscape. By focusing on improving gross margins and EBITDA profitability, the company intends to transition from rapid expansion to sustained financial health. The move to establish a new plant will be crucial in meeting the rising demand for utility lifestyle electric scooters across the country. As the industry matures, River Mobility's ability to balance production scale with premium brand positioning will be a key performance indicator for long-term dominance in the Indian EV space.