Elev8 Venture Partners, Claypond Capital invest in River Mobility’s $120 million Series C

River Mobility today announced the successful closure of its $120 Million Series C funding round, comprising both equity and venture debt, making it one of the largest private investments in India’s electric two-wheeler sector.

The milestone also marks the company’s first major backing from Indian institutional investors such as Elev8 Venture Partners and Claypond Capital, adding to its strong global investor base that includes Yamaha Motor Co., Marubeni Ventures, Mitsui & Co., Al-Futtaim Group, Lowercarbon Capital, Toyota Ventures, Maniv Mobility and JIF Capital. The participation of leading Indian investors underscores growing domestic confidence in River’s category-defining approach and long-term potential.

The fresh capital is intended to fund capacity expansion at the existing factory, the establishment of a new greenfield manufacturing facility, the launch of new products in the utility lifestyle segment, and initiatives to drive gross margin expansion and EBITDA profitability.

Since launching the River Indie in 2023, the company has established itself as a differentiated player in India's electric two-wheeler market by building utility-first products designed specifically for Indian consumers. The company currently operates over 75 stores across India and is on track to expand its footprint to 350+ stores by March 2028.

Aravind Mani, Co-founder & CEO, River Mobility, shared, "This funding marks an important milestone in River's journey. The confidence shown by both our existing and new investors reinforces our belief that there is tremendous opportunity to build India's first utility and design based mobility brand. This capital gives us the ability to accelerate our product roadmap, expand our manufacturing footprint and presence across the country."

Commenting on the investment, Navin Honagudi, Managing Partner, Elev8 Venture Partners, said, “The electric two-wheeler market in India is entering a defining growth phase, driven by strong consumer adoption, improving economics, and increasing demand for differentiated products. River stands out for its sharp product thinking, exceptional execution capability, and a highly differentiated positioning in the market. Aravind, Vipin and the team have built a brand that resonates deeply with consumers looking for brilliant design, utility and durability. We believe River is well-positioned to emerge as one of the defining EV companies from India.”

Sekhar Garisa, Managing Director, Claypond Capital, said, “River has combined disciplined execution and thoughtful product differentiation to rapidly grow and garner customer love in a competitive market. We are excited to support the team as they scale further while contributing to the country’s energy transition and domestic manufacturing ambitions.”

Commenting on the investment, Hajime Jim Aota, Chairman, Yamaha India Group, said, “River’s focus on building vertically integrated electric vehicle technology platform has been a key driver of its success. Yamaha are proud to see the progress made by River so far and are excited about being part of the next phase of growth.”

River has witnessed strong momentum over the past year, with monthly sales growing to 5,000 units, while continuing to expand its manufacturing capacity and nationwide distribution network. The company plans to introduce new products over the coming years as it strengthens its position in India's fast-growing electric mobility market.