Funding · Mobility & Logistics

River Mobility raises $120M Series C

By Startup Enthusiast · 5 August 2026

What they do

River Mobility makes electric scooters, with its flagship model River Indie

It raised $120M in Series C funding led by Elev8 Venture Partners and Claypond Capital

The company plans to expand manufacturing and launch new models, targeting profitability by FY29

River Mobility raised $120M in a Series C round on 5 August 2026.
The round includes both equity and venture debt.
The equity portion was led by Elev8 Venture Partners and Claypond Capital.
Other equity participants include Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, and HDFC AMC.
Existing investors Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co. also participated.
Venture debt came from Alteria Capital, Innoven Capital, and Stride Ventures.
The debt portion is estimated at 10-15% of the total funds.

River competes with Ather Energy, Ola Electric, Bajaj Auto, and TVS Motor.
The company's monthly sales are around 5,000-6,000 units, with over 50,000 total units sold to date.
Revenue grew 330% in the fiscal year ending March 2026, with monthly revenue of about ₹1B (~$11M).
River is seeking changes to the PLI scheme and applying for the RDI scheme.

River Mobility is a Bengaluru-based electric two-wheeler manufacturer.
Its flagship model is the River Indie, launched in 2023 and marketed as an 'SUV for scooters'.
The Indie is priced at ₹1,55,000 (~$1,630) with a claimed range of ~99 miles.
Typical customers are self-employed individuals aged 28-35.
The company focuses on a utility-first design and currently offers only the Indie model.
The Indie features 14-inch alloy wheels, 55L storage (12L glovebox + 43L under-seat), and front foot-pegs.
It won Red Dot awards: Concept Design 2024 and Product Design 2025.
River operates in 11 states with over 75 retail stores across India.
Current manufacturing capacity is ~10,000 vehicles/month at its Hoskote facility, with daily production of ~300 vehicles.

Use funds to expand the existing factory and build a new greenfield facility with annual capacity of 700,000-800,000 vehicles (first phase by mid-2027).
Launch new utility lifestyle products and invest in R&D and operating expenses.
Target EBITDA profitability at 20,000-25,000 vehicles/month by FY29.
Aim to have 200-400+ retail stores by March 2028.
Launch a new scooter in 2027 and two more models from 2026.
No immediate plans to diversify into motorcycles or B2B.
No discounting strategy; focus on profitability over discounts.

Elev8 Venture Partners (lead) — Growth-stage VC founded by Navin Honagudi in 2022.
Claypond Capital (lead) — Investment firm of Ranjan Pai.
Singularity AMC (participated)
Anicut Capital (participated)
360 ONE Asset (participated)
JIF Capital (participated)
HDFC AMC (participated)
Yamaha Motor Corporation (existing)
Al Futtaim Group (existing)
Mitsui & Co. (existing)
Alteria Capital (participated)
Innoven Capital (participated)
Stride Ventures (participated)

Product: Premium electric scooters and utility electric vehicles with proprietary battery technology and smart features
Customers: Indian consumers seeking premium electric two-wheelers for daily commute and lifestyle use
How it makes money: Direct-to-consumer electric vehicle manufacturer with retail network and after-sales service centers
What sets it apart: Focus on premium positioning with advanced battery technology, design quality and expanding retail presence across 350+ stores