News in Short
- River raises $120 million in a Series C funding round.
- Round led by Elev8 Venture Partners and Claypond Capital.
- Startup plans to launch two new EV models from next year.
- New manufacturing facility to begin construction soon.
- River aims to expand to over 400 stores by 2028.
Indian electric vehicle startup River has raised $120 million (around Rs. 1,050 crore) in a Series C funding round to expand manufacturing, launch new electric scooters and strengthen its retail network across the country.
The funding comes as the Bengaluru-based startup prepares for its next growth phase after crossing 50,000 vehicle sales with its Indie electric scooter.
Fresh funding to fuel expansion
The Series C funding round was led by Elev8 Venture Partners and Claypond Capital. Other investors include Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital and HDFC AMC. Existing investors Yamaha Motor, Al-Futtaim Group and Mitsui also participated.
According to River, less than 12 percent of the round came through venture debt, while the remaining investment was primary equity. The latest funding takes the company’s total capital raised to $144 million.
River plans more EV models
Founded in 2021, River currently sells the Indie electric scooter, which launched in 2023. Unlike many competitors that offer multiple products, River has focused on building a single utility-focused electric scooter.
The company now sells around 6,000 scooters every month through more than 75 stores across India and has crossed 50,000 vehicle sales.
With the new capital, River plans to introduce two new electric vehicle models starting next year.
“Our biggest achievement over the past year has been learning how to scale manufacturing,” founder and CEO Aravind Mani told TechCrunch.
New factory and retail expansion
River is nearing full capacity at its Bengaluru manufacturing facility, which currently produces up to 10,000 vehicles every month.
The company plans to begin construction of a second manufacturing plant within the next two months. The first phase is expected to become operational by mid-2027 and will have an annual production capacity of 700,000 to 800,000 vehicles.
Alongside manufacturing, River also plans to expand its retail presence from more than 75 stores today to over 200 outlets by March 2027 and around 400 stores by March 2028.
Revenue grows as EV adoption rises
River says its revenue grew by 330 percent during the financial year ending March 2026, driven by strong demand for the Indie electric scooter.
The company expects to become operationally profitable once monthly production reaches between 20,000 and 25,000 vehicles, a milestone it hopes to achieve by 2028-29.
As India’s electric two-wheeler market continues to expand, River is betting that higher production capacity and a broader product portfolio will help it compete more aggressively with brands such as Ola Electric, Ather Energy, TVS Motor and Bajaj Auto.
