River Mobility Raises $120 Million for Electric Two Wheelers

River Mobility, a prominent manufacturer of electric two wheelers, has successfully secured $120 million in a Series C funding round, which includes both equity and venture debt. This funding round stands as one of the largest in the Indian electric two wheeler market. The equity segment was steered by Elev8 Venture Partners and Claypond Capital, with contributions from Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, and HDFC AMC. Notably, existing investors like Yamaha Motor Corporation, Al Futtaim Group, and Mitsui & Co were also involved, while Alteria Capital, Innoven Capital, and Stride Ventures provided support through venture debt.

Company Overview

Established in 2021 by Aravind Mani and Vipin George, River Mobility is devoted to the production of electric two wheelers, specifically tailored for utility-oriented applications. Their key product, the Indie electric scooter, was introduced in 2023.

Plans for Utilising the Funds

The newly acquired capital will be directed towards augmenting the capacity of their current manufacturing facility, establishing a new greenfield plant, launching additional products in the utility lifestyle segment, and enhancing gross margins and EBITDA profitability. Aravind Mani, the co-founder and CEO of River Mobility, expressed that this funding signifies an essential milestone in their journey, highlighting the tremendous potential to cultivate India’s first utility and design-focused mobility brand.

Retail Expansion and Market Presence

Currently, River Mobility operates over 75 retail locations throughout India and aims to expand its network to exceed 350 stores by March 2028. The company stated that monthly sales have reached approximately 5,000 units in the last year, as it continues to grow its manufacturing capabilities and distribution channels.

Future Product Launches

River Mobility also has plans to roll out new electric vehicle models in the upcoming years.

Previous Funding Rounds

In February 2024, River secured $40 million in a Series B funding round led by Yamaha, with additional participation from Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility. Earlier, in June 2023, the company had raised $15 million in a Series A round.

Funding Achievements

With this latest financial inflow, River Mobility has accumulated approximately $188 million through equity and venture debt since its inception. This latest funding round notably marks the company’s first significant support from Indian institutional investors, reinforcing its existing global investor network that includes Yamaha Motor Corporation, Marubeni Corporation, Mitsui & Co, Al Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility, and Trucks VC.