River Mobility Raises $120 Million to Expand EV Business
Indian electric vehicle startup River Mobility has raised $120 million in a Series C funding round to expand its manufacturing capacity and strengthen its product portfolio. Backed by Yamaha Motor, the Bengaluru-based company plans to use the investment to expand its Karnataka facility and build a new plant capable of producing up to 80,000 electric scooters per month.
Founded in 2021, River Mobility has sold more than 27,500 Indie electric scooters and expects its annual sales to more than double—or even triple—from 2025 levels. The company is also developing two new premium electric scooter models as it looks to compete with established players such as Ather Energy, TVS Motor, and Bajaj Auto in India’s rapidly growing EV market.
The funding round was led by Elev8 Venture Partners and Claypond Capital, with existing investors including Yamaha Motor, Al-Futtaim Group, and Mitsui & Co also participating. CEO Aravind Mani said the company’s revenue increased more than fourfold in fiscal 2026, reflecting strong demand for electric vehicles amid rising fuel prices and growing consumer interest in cleaner transportation.
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