Electric two-wheeler maker River Mobility has secured $120 million in a Series C funding round to establish a second manufacturing facility and expand capacity at its existing Hoskote plant. The move marks its transition from a single-product startup to a multi-product electric vehicle company.
The funding round is the first major investment in River led by Indian institutional investors. New investors include Claypond Capital, Elev8 Venture Partners, 360 ONE Asset, Singularity Ventures and Anicut Capital, joining the existing backers such as Yamaha Motor, Mitsui, Toyota Ventures and Al-Futtaim Automotive.
Aravind Mani, co-founder and CEO, River Mobility, said the participation of Indian institutional investors reflects growing confidence in India’s EV manufacturing ecosystem and will support the company’s next phase of expansion.
“We will deploy the capital across three core pillars that include distribution and service growth, manufacturing scale-up and product expansion. The funds will also support River’s push towards gross margin expansion and Ebitda profitability,” Mani said.
River reported annual revenue of over ₹430 crore in FY26, up more than 300% year-on-year, driven by a rising demand for its Indie electric scooter and an expanding retail network. Monthly sales crossed 6,000 units, making the latest quarter its strongest so far. The company aims to sell 25,000 vehicles annually by March 2028, achieve Ebitda profitability and rank among India’s top five EV manufacturers.
River currently operates a 120,000 sq ft manufacturing facility at Hoskote, Karnataka, with an annual production capacity of 100,000 vehicles. Besides manufacturing the Indie, the plant also produces Yamaha’s EC-06 electric scooter, a badge-engineered version of the Indie. The company plans to expand capacity at the existing plant while setting up a new greenfield facility to meet future demand.
“The Series C capital enables us to transition beyond our flagship offering, evolving into a multi-product brand that continues to define and lead the utility lifestyle segment it pioneered,” Mani said.
River currently operates over 75 stores across India and plans to expand its retail network to more than 350 outlets by March 2028, supported by a stronger service network across Tier-I, Tier-II and Tier-III cities. The company continues to focus exclusively on retail customers, positioning the Indie as a utility-focused scooter for businessmen, farmers, shop owners and other individual users, rather than fleet operators.