River Mobility Raises $120 Million to Scale Electric Scooters

River Mobility, an Indian electric vehicle startup, raised $120 million in a Series C funding round led by Elev8 Venture Partners and Claypond Capital. The investment, which brings total capital to $144 million, consists primarily of equity with less than 12% in venture debt. Other participants included Singularity AMC, Anicut Capital, 360 ONE Asset, JIF Capital, HDFC AMC, and existing investors like Yamaha Motor Corporation, Al Futtaim Group, and Mitsui.

Co-founder and CEO Aravind Mani stated the company has grown from selling five scooters a month to approximately 6,000 units since its first sale in October 2023. River currently holds about 3% of India's electric two-wheeler market and operates 75 stores. The company plans to expand its retail footprint to over 350 outlets by March 2028 and introduce its next scooter model in 2027.

Roughly 40% to 50% of the new capital is earmarked for research and development, product engineering, and a new greenfield manufacturing facility. Mani announced plans to begin construction on the new plant within two months, targeting a first-phase capacity of 700,000 to 800,000 vehicles annually by mid-2027. River expects to achieve operational profitability by 2028-29 once monthly production reaches 20,000 to 25,000 vehicles.