River Mobility has closed a $120 million (Rs 1,141 crore approximately) Series C funding round comprising equity and venture debt, marking one of the largest private fundraises in India's electric two-wheeler sector. The company plans to use the capital to expand its manufacturing footprint, develop new products in the utility lifestyle segment and improve profitability.
- $120 million Series C round closed with equity and venture debt components
- Round led by Elev8 Venture Partners and Claypond Capital; existing backers also participated
- Capital to fund new greenfield plant, product launches and margin improvement
River Mobility funding
First significant round from Indian institutional investors for the company
The equity portion of the 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 – marking the first time River Mobility has attracted significant backing from Indian institutional investors. Venture debt came from Alteria Capital, Innoven Capital and Stride Ventures. Existing global backers Yamaha Motor Corporation, Al Futtaim Group and Mitsui & Co. also participated in the round.
River’s monthly retail sales have since grown to around 5,000-6,000 units, and the company recently rolled out its 50,000th unit from its Hoskote plant. It currently has over 75 stores across India, with a target of over 350 stores by March 2028. The company also manufactures the Yamaha EC-06 at the same facility under a partnership with Yamaha Motor Co.
The company says these funds will be directed towards capacity expansion at the existing Hoskote facility, the construction of a new greenfield plant, new product development and improvements to gross margins and EBITDA profitability.